The Mobile Payments Race Is On
Apple Pay A Tough Sell
For months, Apple has been touting the benefits of its mobile pay system, compatible with the iPhone 6 and the soon-to-be-released smartwatch, with only one drawback – merchant participation.
Apple’s system requires participating retailers to purchase special payment pads as well as pay a service fee similar to that of credit card transactions.
While many merchants have signed on to offer the service, some have been hesitant about the investment costs. Despite that, Apple has remained confident that widespread adoption of Apple Pay is inevitable as popularity grows among consumers.
Move Over Apple
However, Samsung looks likely to give consumers and merchants another very attractive option— LoopPay. The mobile payment startup’s system works using existing credit card readers that most stores already have available.
That is good news for everyone involved, except Apple of course, since it means that any retailer that accepts credit cards will be able to offer the service.
Samsung is expected to launch a new smartphone as early as next month that incorporates LoopPay technology, providing Apple with some stiff competition.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.