As the battle for handset supremacy wages on, the new weapon for Samsung is LoopPay, as the electronics giant agreed to acquire the mobile wallet services provider that turns existing magnetic stripe readers into secure, contactless receivers.
LoopPay will join Samsung to strengthen the company’s overall efforts to provide users
Samsung to launch Apple Pay rival
with safe and reliable mobile wallet services. No financial details of the takeover were disclosed.
As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung’s Mobile Division. LoopPay has built a widely accepted contactless payment service using its patented Magnetic Secure Transmission (MST) technology.
Samsung has an existing relationship with LoopPay, having first identified the potential for the technology when it became a strategic investor along with Visa and Synchrony Financial. The investment, which was facilitated by Samsung’s Global Innovation Centre, helped fuel LoopPay’s MST technology development.
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