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In buying LoopPay, Samsung is hoping to counter Apple’s jump into mobile payments. Instead, Samsung may have just acquired a white elephant, mobile payment technology that could become obsolete almost immediately.
Conversations between Apple and payments-industry companies have heated up in recent months, with several people briefed on the talks saying that Apple executives have discussed launching a mobile “wallet” as soon as this fall for people to use their iPhones to pay for goods in physical stores.