Samsung announced its answer to Apple Pay on Sunday. The mobile payment platform is, of course, called Samsung Pay, and it seems to work much like Apple’s system.
With one big difference
Samsung Pay incorporates LoopPay technology to allow its phones to work at magstrip readers. These are the types of credit card readers seen at most U.S. retailers — but Apple Pay doesn’t work with them. Apple’s mobile payments require NFC (or near-field communication) for transactions, which is still an up-and-coming technology.
Some have already proclaimed that this gives Samsung an advantage in mobile payments. The U.S. has been slow in adopting more-secure chip or EMV payment technology. The idea is that people will be more prone to adopt Samsung Pay because it is more widely accepted by merchants …