Samsung has said that a hack at LoopPay reported in the New York Times did not compromise any of its customer data. LoopPay’s technology forms part of the company’s electronic wallet offering, Samsung Pay.
Samsung Pay was not impacted and at no point was any personal payment information at risk. This was an isolated incident that targeted the LoopPay office network, which is a physically separate network from Samsung Pay. The LoopPay incident was resolved and had nothing to do with Samsung Pay …
Samsung Pay in action (via <a href="http://www.engadget.com" target="_blank">Engadget</a>)
In addition to announcing new Galaxy S6 edge+ and Galaxy Note5 smartphones today at its event, the South Korean handset maker has announced the official launch date for its mobile payment service called Samsung Pay. Samsung Pay was first demoed at an event in March and works differently than Google’s OS-level Android Pay as it uses Magnetic Secure Transmission technology based on its LoopPay acquisition that makes it widely compatible with point-of-sale terminals.
Starting a week from today, Samsung Pay will go live for the first time in South Korea enabling mobile payments from compatible Samsung devices. Following the initial rollout, Samsung Pay will go live in the United States starting September 28th.
In addition to launching in South Korea and the United States, Samsung says it’s targeting the UK, Spain, and China as the next markets to launch its mobile payment service. The mobile payment service was initially expected to go live earlier this summer.
As for availability, Samsung Pay is “preloaded on select Galaxy S6 edge+ and Galaxy Note5 devices” while a software update coming this month will add support on Galaxy S6 and S6 edge phones. Additionally, Samsung says it will launch a limited beta for Galaxy S6, S6 edge, S6 edge+ and Note5 phones starting August 25th. Full press release below:
According to a report out of The Wall Street Journal, Google is currently working to boost its Wallet payment service in order to keep up with Apple Pay. Citing “people familiar with the matter,” the report claims that Google is currently in talks with carriers, banks, and device makers about reviving Wallet. The company currently plans to launch its new service at Google I/O in late May, according to the report.
Samsung announced in a press release this evening that it has purchased LoopPay, an Apple Pay like mobile payment company. LoopPay turns existing magnetic stripe card readers into secure, contactless receivers. This means that, in an ideal world, LoopPay would be available in nearly every retailer that accepts magnetic strip cards. A specific acquisition price is unclear at this point.
Samsung is planning to launch its own mobile payment service next year, in competition to both Google Wallet and Apple Pay, reports Re/code. It suggests that the company is in talks with LoopPay, a startup which describes itself as “the most accepted mobile wallet on the planet.”
The technology would allow people with certain Samsung phones to pay in the vast majority of brick and mortar stores by waving their phones instead of swiping with a credit card or cash […]
The talks between Samsung and LoopPay come as the idea of paying for goods in stores using a phone was rekindled in the U.S. thanks to the launch of Apple Pay.
The plan would allow Samsung’s mobile payment service to work with all cards and all payment terminals right out of the box … Expand Expanding Close
