Samsung has just announced that it has acquired mobile payments
provider LoopPay for a yet to be disclosed amount.
The company’s technology transforms existing magnetic stripe
readers into secure, contactless receivers that work with over 90% of existing
POS (Point-of-sale) terminals in the market. This should allow Samsung to
easily reach customers and merchants with adopting its mobile payment
technology – a move that will rival that of Cupertino’s Apple Pay.
As part of the acquisition, LoopPay will continue to
function as a separate business from Samsung but they will work closely with
the Korean tech giant’s mobile division.
The two companies have a history of working together when
Samsung made an investment on LoopPay during the company’s Global Innovation
Center.
