Samsung acquires the mobile wallet provider LoopPay
Samsung has agreed to acquire the provider of mobile wallet solutions LoopPay. Financial terms of the transaction have not been disclosed.
Founded in Boston back in 2012, LoopPay is a mobile payments provider, whose product is a direct competitor to Apple Pay. The company’s Magnetic Secure Transmission tech can work on roughly 90% of all existing point-of-sale terminals.
As part of the agreement, the founders of LoopPay will work with Samsung Mobile. The two companies have been collaborating well before the acquisition, so it is more than likely to see LoopPay mobile wallet tech in the upcoming Samsung Galaxy S6.
LoopPay will continue operating as an independent subsidiary of Samsung going forward.
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