Samsung announced the acquisition of LoopPay back in February and today Re/Code reports Samsung may have paid $250 million. The acquisition to counter Apple Pay cost the Korean giant a quarter of a billion plus earnouts, which according to the report, could increase based on performance.
Samsung introduced Samsung Pay that uses LoopPay’s technology. Unlike Apple Pay that uses NFC for payments, LoopPay’s advantage is the use of Magnetic Secure Transmission (MST) support that makes majority of the point-of-sale terminals compatible with Samsung Pay.
Samsung Pay’s additional security layer compared to a physical card is the use of fingerprint sensor, which is used to authorise payments.
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