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Samsung Buying LoopPay In Bid To Challenge Apple Pay

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Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up its rivalry with Apple and its payment system on iPhones.

LoopPay works by reproducing the signals from a credit card’s magnetic swipe as users tap a LoopPay device next to a retailer’s card reader. That means LoopPay should work with most retailers’ existing payment terminals. Most other mobile-payment systems, including Apple Pay, require newer terminals with wireless chips called near-field communication, or NFC. Original post at ET Telecom

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Wahengbam Rorrkychand

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