Join us on Telegram | Early Samsung Black Friday deals, check them out right now!

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Samsung reportedly paid $250 million to acquire LoopPay


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 0 comments

You might also like

Samsung turns smartphones into points of sale for Belgian merchants

Samsung has partnered with Mobco and Viva Wallet in Belgium to offer small and large merchants a secure mobile payment solution. Since July 1, 2022, Belgian regulations say that merchants need to offer at least one electronic payment solution to their customers. And because not every merchant has the necessary infrastructure, Samsung has thought of […]

  • By Mihai Matei
  • 1 month ago

New updates are available for Samsung Wallet app and Pay Framework

Samsung is releasing a couple of new updates for Pay Framework and the new Wallet app. Samsung Pay Framework is getting pushed to version 5.1.27, and Samsung Wallet is getting updated to version 5.1.31. There’s no changelog for the latest Samsung Pay Framework update, but the Samsung Wallet update brings minor bug fixes and unspecified […]

  • By Mihai Matei
  • 4 months ago

[Update: Fixed] Samsung Pay stops working on non-Samsung phones

Update: Samsung has confirmed to us that this issue has now been fixed through a patch, and Samsung Pay should now work as intended on non-Samsung phones. Original story Samsung Pay is usually associated with Galaxy smartphones. But even non-Samsung phone users can use the mobile payments app, especially those who use a Galaxy Watch […]

  • By Asif Iqbal Shaik
  • 5 months ago

Samsung Wallet merges Samsung Pay and Samsung Pass to store cards, IDs, digital keys, and more in one place

Last week, Samsung announced that it would merge Samsung Pass and Samsung Pay into a single app. Today, the South Korean firm has relaunched the Samsung Wallet app. It blends features of Samsung Pass and Samsung Pay and adds some more features on top of them. If you can remember, Samsung had a Wallet app […]

  • By Asif Iqbal Shaik
  • 5 months ago

Samsung Pass will soon be merged into Samsung Pay, complete with Digital Keys, tickets, and more

In a surprise announcement, Samsung said earlier today that it will merge Samsung Pass and its features into the Samsung Pay app. The merger will start today in South Korea, and it will expand to other markets in the coming months. The new app will house all your credit cards, debit cards, passwords, digital keys, […]

  • By Asif Iqbal Shaik
  • 5 months ago

Europe finds fault with Apple’s selfish use of NFC

The European Commission isn’t happy with Apple’s monopolistic views regarding its mobile payment platform “Apple Pay.” The European Commission argues that Apple shouldn’t lock the NFC chip inside iPhones to work exclusively with its mobile payment platform. The Commission sent a Statement of Objections to Apple over its practices regarding Apple Pay earlier today. It […]

  • By Mihai Matei
  • 7 months ago