According to the latest whispers, Samsung is collaborating with Massachussetts based start-up LoopPay, to bring mobile payments to the Galaxy S6 and S6 Edge.
LoopPay differs from Apple Pay, in that Apple Pay relies on the iPhone 6's NFC chip - the only use its NFC chip has - whereas LoopPay uses a "magnetic secure transmission".
When you swipe a credit or debit card through a card machine, the machine receives a signal from the magnetic strip on the card, which carries the data. LoopPay transmits that same signal, but wirelessly. This means it can be used with current POS (Point Of Sale) systems, all around the world, giving it a huge advantage.
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Neros
Absolutely amazing. Do want :). Can't wait for the s6, it's going to be a kick-ass phone.
Meantime, jealous hater be jellyin'.
phonearena
reedatv
This will make credit card theft so much easier. Now they don't even have to make a fake card, just type in the stolen data and transmit it to the terminal via a smart phone. Even better, an app can look up a one time use stolen credit card info on a hacker site and use that for purchases.
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Craig Henderson
This is getting ridiculous and it's going to have to be standardised at some point! Remember when we were all using different chargers for different makes of phones, but now we're not? Well, apart from iFans. I can see this being similar.
