If you have never played with the Kickstarter funded LoopPay, the following article does a good job of explaining how it works
LoopPay is a mobile-payment system that could power Samsung's smartphone transactions in the future. Here's what we know so far. by Scott Stein Samsung just made a big move in mobile payments. The world's largest smartphone manufacturer said on Wednesday that it had acquired LoopPay, a mobile-payments technology startup. The deal potentially supercharges Samsung's ability to enable its customers to pay for goods and services with their smartphone, a feature that has generated more interest since Apple introduced its Apple Pay system. But Samsung has dabbled in mobile payments before -- years before Apple Pay. So what's different about LoopPay, and does it have a chance to be more successful?