Samsung Pay: The Third Time’s a Charm

After many NFC pilots and Apple Pay, Samsung seems to have cracked the code!

For many in the contactless payments industry, they have had a genuine conviction each of the past 15 years: THIS is the year of NFC! Well, we are not sure if this year has been the year of NFC yet, and we are not willing to bet too much on whether 2018 will be one either. However, we are definitely seeing encouraging signs of maturity and collaboration in the contactless payments ecosystem.

Usually, the success of any consumer-focused solution largely depends on the sheer superiority of the technology under the hood, among other factors. In the case of Samsung Pay, there’s even more that is contributing to its success so far.

Samsung Pay was born as a result of Samsung’s acquisition of LoopPay – over 10 million merchants were able to accept Loop wallet – at the end of 2014 when Apple Pay was announced and launched, it was already 40 times more than what Apple Pay could claim). LoopPay was a US-based mobile payment developer and service provider, based in Boston and founded by veterans of the industry, Will Wang Graylin, and Damien Balsan. Following the landmark deal, Samsung launched Samsung Pay in South Korea and the USA in 2015 with Loop technology embedded in the overall solution.

This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. O ...

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