App developers aren't sold on Samsung's LoopPay acquisition

Samsung's decision to acquire mobile payments provider LoopPay was widely interpreted as a way to counter Apple's aggressive moves with Apple Pay. Developers on Twitter, however, suggested they weren't buying it. 

LoopPay offers technology that can offer retailers a way to process payments by making use of their existing mag stripe technology. This is in sharp contrast to Apple Pay, which demands retailers move to near-field communications (NFC).

Several developers and companies making mobile payment apps were quick to pounce on the deal via their social media channels. The tone, in many cases, was downright dismissive. 

"Samsung buying Loop Pay is a panic decision due to Apple Pay . Will be irrelevant as LP based on mag stripe cards" -- @Mikiszikszai

Not everyone was a hater. A few suggested LoopPay would be a good fit in a larger platform company. 

"Big Boston win, Always thought @LoopPay's approach to #mobile payments was novel -- validated today by Samsung -> …"  -- @sravish

Others, however, saw little real competition between LoopPay and what Apple is doing. 

"Samsung Acquires Apple Pay Rival LoopPay … "Rival"...yeah....ok." -- @cfs_matt

A bigger potential issue, some suggested, was the security problems Samsung might face. 

"Samsung bought LoopPay, which is actually more susceptible to fraud than a magstripe credit card!" -- @rosyna

"Samsung buys LoopPay in warning shot to Apple … via @Digg - I'm sure Cupertino is quaking in their boots." -- @kiggle

Perhaps the best that could be said of both Apple Pay and LoopPay is that it's still early enough for several options to make headway. 

"#LoopPay vs. #ApplePay. Merchant & consumer will decide, but in end seamless payment & value services will prevail " -- @cellpointmobile