Samsung Buys Mobile Payments Startup to Take on Apple Pay
With Apple Pay beginning to gain some traction, Samsung wants a piece of the mobile payments game. The South Korean tech giant has Mountain View, Calif.-based , a mobile wallet service.
LoopPay says its technology “turns existing magnetic stripe readers into secure, contactless receivers.” The company says its service has the potential to work in about 90 percent of existing point-of-sale terminals.
The companies did not disclose the financial terms of the agreement.
Related: Samsung Wants to Make Wireless Charging Mainstream With Latest Flagship Phone
As part of the deal, LoopPay founders Will Graylin and George Wallner will work closely with Samsung’s mobile division. It will be interesting to see if Samsung plans to integrate LoopPay technology into its forthcoming flagship smartphone, the Galaxy 6.
The digital wallet concept really has yet to catch on, but is making progress. Since launching in September, Apple’s Apple Pay service has gained signed fair number of partners, including a , as well as food and retail shops .
Related: Samsung Plans to Use Cash Pile to Fund Growth, Acquisitions
With Apple Pay beginning to gain some traction, Samsung wants a piece of the mobile payments game. The South Korean tech giant has Mountain View, Calif.-based , a mobile wallet service.
LoopPay says its technology “turns existing magnetic stripe readers into secure, contactless receivers.” The company says its service has the potential to work in about 90 percent of existing point-of-sale terminals.
The companies did not disclose the financial terms of the agreement.
Related: Samsung Wants to Make Wireless Charging Mainstream With Latest Flagship Phone
As part of the deal, LoopPay founders Will Graylin and George Wallner will work closely with Samsung’s mobile division. It will be interesting to see if Samsung plans to integrate LoopPay technology into its forthcoming flagship smartphone, the Galaxy 6.
The digital wallet concept really has yet to catch on, but is making progress. Since launching in September, Apple’s Apple Pay service has gained signed fair number of partners, including a , as well as food and retail shops .
Related: Samsung Plans to Use Cash Pile to Fund Growth, Acquisitions
