Items tagged with magnetic card reader

We reported last year that Samsung was in talks to team up with LoopPay, a Burlington, MA-based startup firm that specialized in wireless payment technologies. Unlike Apple Pay or Google Wallet, which require an NFC-equipped cash register to complete a wireless transaction, LoopPay works using “Magnetic Secure Transmission,” which allows a customer to simply tap his or her smartphone near a traditional cash register card reader to complete a wireless transaction. And best of all, businesses don’t need to upgrade their cash registers for customers to take advantage of LoopPay. Those December rumors of a partnership have now turned into a full-fledged acquisition by Samsung. “This acquisition accelerates... Read more...