A report from the Wall Street Journal claims Google is looking to revamp Google Wallet this year, making it a true competitor to Apple Pay. In order to do so, Google will go to great lengths, even offering US carriers a portion of revenue from mobile advertising in exchange for featuring the payment method prominently on all Android devices sold. (more…)
I would be lying if I said that this surprises me, but Samsung just acquired LoopPay, a company specializing in mobile payments in a way that doesn’t require NFC or changes from retailers. The two companies were previously rumored to be working together to create a competitor to Apple Pay.
LoopPay has been on the rise as of late, thanks to its technology that is able to emulate a magnetic card swipe that happens each time you use a regular credit card at a payment terminal. The technology, at least in recent forms, starts through a case that is attached to a phone which can then be tapped to a payment terminal to finish off a transaction. The key feature of LoopPay is that it doesn’t require retailers to change out their existing hardware and works at around 90% of current pay terminals. In other words, LoopPay doesn’t need to wait for retailers around the world to swap out current hardware for NFC-equipped hardware in order to work, like Google and Apple do. (more…)
You remember Isis Mobile Wallet don’t you? That would be the mobile payment system that carriers – specifically, Verizon, AT&T, and T-Mobile – created to be the only payment system you would need on your phone. That would also be the payment system that carriers used as reason to help block, but not admit-to-blocking, while still blocking because it was “different,” Google Wallet, for years while they took their sweet time getting Isis ready. And let’s not forget that the service has already been renamed to Softcard because of the growing entity known for terrorism that the original name matched. All caught up on Softcard and Isis?
According to a late Friday report out of TechCrunch, the payment system has been a massive failure to this point and is now in talks with Google to potentially be acquired. (more…)
If the store at which you are trying to buy that stick of gum has an NFC terminal, Apple Pay and Google Wallet work well enough. But if it lacks one, or is part of a competing consortium, you will have to whip out the antiquated plastic between the lint in your pocket. But that may change if Samsung has its way. According to multiple Recode sources, the Korean electronics giant is in talks with startup LoopPay, to develop a smartphone payments method of its own. (more…)
Wouldn’t you know it? It’s Wednesday. And you know what that means – it’s Google Apps Update Day! So far, app updates are available for Hangouts (available earlier this morning) Google Wallet, Inbox, and Android Wear. While today is not as hectic as last Wednesday in terms of updates, these improvements are certainly welcomed from Google. (more…)
Over the weekend, news broke that many retailers across the US were not supporting Apple Pay, shutting down their wireless payment terminals to anyone looking to use them. Unfortunately, and apparently unknown by many, this move by retailers does not just hurt Apple Pay users, but also effects Google Wallet users as well.
While the number of Google Wallet users may not compete with the amount of people who plan to jump on the Apple Pay train, Wallet users have not been met with many issues surrounding the service until Apple announced and released their own NFC-based payment system. Now with Apple Pay released, it appears that huge retail chains, such as 7-Eleven, Walmart, and Best Buy will soon launch their very own mobile payment app, meaning that they now have motivation to simply shut out all competitors from their stores.
Apple and Google may be betting on NFC as the future of consolidated payment, but ubiquity is far from guaranteed; many, many businesses need to upgrade their point-of-sale terminals, which could take years. That is why startups like Coin have looked to capitalize on the nascent wallet-slimming trend with stop gap solutions that have been, more often than not, more trouble than they were worth.
Plastc is the newest kid on the block, and its feature list almost reads like a blow-by-blow response to Coin’s many shortcomings. It contains an e-ink touchscreen which toggles automatically via a brightness sensor and is capable of displaying your signature, photo ID, and barcodes; it has a re-writable NFC/RFID chip for use with access systems; it supports chip and pin (EMV) terminals; and it has wireless charging mat. (more…)