Samsung is transforming its existing relationship with LoopPay into something more substantial as they’ve confirmed to buy the US-based company. The amount of money exchanged is unknown but it reiterates Samsung’s intentions to bring mobile payment to its future lineup of smartphones. In fact, Samsung’s Galaxy S6 is rumoured to be the first smartphone to feature Samsung Pay service that will be powered by LoopPay.
LoopPay’s solution is unique because its Magnetic Secure Transmission (MST) technology works with majority of the point-of-sales terminals and doesn’t require NFC to process the payment.
As part of the deal, LoopPay founders will work closely with Samsung’s Mobile Division.
This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.
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