Big news was released yesterday in the technology world. Apple’s lead in technological advances has come to an end. Its competitor, Samsung announced the expected release of LoopPay, rivaling Apple Pay. Samsung announced a deal to purchase LoopPay in hopes of eventually launching a holistic mobile wallet.
As discussed in class today, the technological field is filled with fierce competition. When one company launches an innovative idea, other brands jump on the idea in attempts to outdo the other and wow the consumer (think Google Glass now branching to Microsoft, Sony, etc). The convenience of leaving your wallet at home is appealing to most all consumers, therefore providing great incentive to invest in a product that can provide such a service.
After the investment of LoopPay, Samsung intends to build the technology into its future mobile devices, suddenly creating competition between the iPhone’s mobile pay services and Samsung’s. The question is who will outshine the other?
I completely understand the need to compete with one another, but from the viewpoint of the consumer this makes buying decisions that much more difficult. Whereas the iPhone used to sell itself with its one-of-a-kind features, other devices are quickly adapting similar features that may even be better. As we head into the future of technology the question of which product has more features will be obsolete – instead we will be asking which one is better. In the case of Samsung, they might even have a leg up. Whereas Apple Pay only works with certain retailers, Samsung’s LoopPay will work with even more retailers.
I, and I’m sure many others, are curious to see how this all plays out. Will Samsung come out on top in terms of the mobile wallet or will Apple continue to be the reigning champ? Stay tuned.