In a bid to foray into mobile payment solutions, Samsung has acquired mobile payment platform LoopPay. The financial details of the deal which was first rumored in December were not disclosed.
“We are excited to take our relationship with LoopPay to the next level, by bringing consumers a mobile wallet solution that is not just safe and reliable, but also widely accepted at more locations than any competing service. Through this deal we can significantly accelerate our mobile commerce efforts. LoopPay’s outstanding leaders and team have deep-rooted relationships with banks, card networks and merchants that will complement those Samsung has established over the years.”
said David Eun, EVP of Samsung’s Global Innovation Center.
LoopPay’s mobile wallet solutions provider turns existing magnetic stripe readers into secure, contactless receivers. Simialr to Apple pay, the platform allows users to pay via their smartphones. LoopPay founders Will Grayling and George Wallner will join Samsung’s Mobile Division as part of the acquisition arrangement, and both the company’s talent and the tech will help the smartphone maker further its mobile wallet ambitions
“LoopPay is focused on delivering a digital wallet solution that is dependable for consumers around the world, one that provides more value from card issuers and the merchants that serve them. We are excited to join the Samsung family to continue our goal of making smartphones trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce.”
said Will Graylin, CEO of LoopPay.
LoopPay looks like a direct competitor with Apple Pay digital wallet. Mobile payment solutions seems like another sector while Samsung and Apple will lock horns after the famous smartphone battle.