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Samsung acquires LoopPay, makes its intentions clear

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Last updated: May 14th, 2015 at 13:47 UTC+02:00

In what is seen as a sign of things to come, Samsung has acquired mobile wallet services provider LoopPay for an undisclosed sum of money. Talks and reports about a Samsung-LoopPay partnership have been floating since quite a few months now, and this acquisition clears the air once and for all.

LoopPay’s services include conversion of existing magnetic stripe readers into contact-less receivers. Although a partnership between the two companies had previously been established, the acquisition according to the company will allow for the “next wave of innovation in the digital smart wallet.”

Samsung is expected to feature something along the lines of Apple Pay on its next-in-line flagship, the Galaxy S6. LoopPay’s acquisition means that Samsung also gets the 10 million merchants that are affiliated to LoopPay’s services, something that could give the company a much needed head-start.

Via | Source

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