Samsung reportedly paid $250 million to acquire LoopPay

General
By 

Last updated: May 14th, 2015 at 09:15 UTC+01:00

Samsung announced that it acquired LoopPay earlier this year to compete with Apple Pay and Google Wallet, but the company didn’t disclose the amount of money it paid for the acquisition. Now, Re/Code has reported that Samsung may have paid around $250 for LoopPay’s acquisition, however officials from both the sides have declined to comment about this.

Also Read: Rooting your Galaxy S6 or S6 edge will disable Samsung Pay

LoopPay, a Massachusetts-based startup, invented MST (Magnetic Secure Transmission), which mimics card swipes at checkout equipments. After acquiring LoopPay, Samsung embedded MST inside the Galaxy S6 and the Galaxy S6 edge, and announced its own payment solution dubbed Samsung Pay. Unlike Apple Pay and Google Wallet, which work only with upgraded checkout equipments compatible with NFC payments, Samsung Pay will work with any checkout equipment where buyers normally swipe their credit or debit cards. All the payments through Samsung Pay are secured with a touch-based fingerprint scanner, which is built into the Galaxy S6 and the S6 edge’s home button.

Since most of the vendors are expected to upgrade to NFC compatible point-of-sale terminals, the South Korean smartphone giant stated that Samsung Pay will work with NFC as well. Samsung Pay is expected to be launched in the US and South Korea in September. The company is also partnering with CITIC to pave the way for Samsung Pay in China and Hong Kong. To one up its competitors, Samsung isn’t charging any extra fee to vendors for using its payment system.

Via Source

General looppaySamsung Pay
Load comments

Related News

Samsung Pay will soon cease to support Boost QR payments

  • By Mihai M.
  • 3 weeks ago

Scan QR-Samsung Pay integration makes mobile payments in India quicker

  • By Mihai M.
  • 1 month ago

Russian court bans 61 Samsung smartphones following patent lawsuit

  • By Mihai M.
  • 1 month ago

Banner ads in Samsung Pay and Samsung Health finally removed

  • By Anil G.
  • 2 months ago

Galaxy Watch 4 gets Google Pay in markets where Samsung Pay is M.I.A.

  • By Mihai M.
  • 3 months ago

American Express is ending support for Samsung Pay in India

  • By Asif S.
  • 3 months ago

Use Samsung Pay on your Galaxy Z Flip 3, get cool points

  • By Abhijeet M.
  • 3 months ago

Apple Pay demolishes Samsung Pay in the United States

  • By Anil G.
  • 3 months ago