Apple Pay vs. Samsung LoopPay

Samsung and Apple are going head to head with contactless payments after Samsung recently bought the start-up LoopPay and Apple has already launched Apple Pay in the US.

Apple Pay will allow users to buy goods and services by swiping their Apple device against payment terminals. Apple Pay has marked the end of signing cheques, producing a form of ID or any other obstacles that came with earlier methods of payment. This service works automatically when your Apple device makes contact with a terminal without the need to open an app to make the transaction.

When Apple Pay hit the market back in September, Samsung jumped on the bandwagon and bought a start-up company, LoopPay. The service provided by this organisation allows users to pay for goods using the same method as Apple Pay. LoopPay has been designed to work with many existing payment terminals whereas Apple Pay requires specific terminals for the payment to be processed.

One unanswered question is – ‘Will LoopPay be accessible for iPhones and other smartphones or is it exclusive to Samsung devices?’ This has not been decided yet but I’m sure we will find out once the service is officially launched.

What do you think about these new payment methods?

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