The day is not too far when you are going to be the butt of a few jokes just because you decided to pay for something in cash. In a world where mobile wallets are become more and more popular, solutions like Google Wallet and LoopPay are here to stay. LoopPay has been in the payment service since early 2012 and now that it has been recently acquired by Samsung, the stage is set for a grand show down before the top rivals.
What is LoopPay?
It is expected that this technology will be installed into the flagship Samsung Galaxy S6. Let’s have a closer look at what this technology actually is. It is a small black device which is 2.92 x 2.02 x 0.23 inches and weighing just less than 3 ounces. It has a LoopPay card reader which can be used to add your credit card to LoopPay app. Physically, it is quite different from the Google Wallet. While LoopPay is a physical device, Google Wallet exists as just another app in your phone. It requires NFC technology to activate its payment facilities. On the other hand, LoopPay employs a wire loop that recreates the magnetic field on your debit or credit card when used at a swipe device.
LoopPay can work on any Android phone with Android 4.3 or higher whereas Google Wallet requires Android 4.4 or higher. The former may find more takers simply because of the ubiquitousness of card readers and point-of-sale devices. On the other hand, Near Field Communication or NFC is a technology that is only gaining popularity and hence may not find many takers on a large scale. Store owners need to install NFC terminals whereas LoopPay requires only the existing facilities.
LoopPay Vs Google Wallet
There is even news that has sprung up recently that using Google Wallet has compatibility issues with certain payment getaways causing trouble to the merchants as well. Due to this, many of them have decided to shut their NFC terminals and go with the good old card payments. This is where LoopPay, with its minimal interference to payment option can prove a game changer.
Also, some users are not so happy about turning in their unlocked phone to the store owner. People take their data privacy very seriously these days. LoopPay has an obvious advantage in this regard, since you are only handing over your LoopPay card to the store. One has to remember to carry it every day though!
Lost your wallet?
It is as simple as disabling your card. The data stores on it can be easily disconnected from the app. Google Wallet allows users to disable the app remotely from the web. One would have to say that the encryption technique employed by Google is much more advanced even though the one in LoopPay does the job.
Whether you want to carry your card for your payment or an app will suffice is a choice that has to be taken on a personal level. If your primary concern is whether you would be able to use it everywhere, then LoopPay is what you want. If you are the funkier one who uses your phone for everything, then Google Wallet can be your trusted payment buddy.