Samsung Buys Mobile Payments Startup to Take on Apple PayThe South Korean tech giant has agreed to buy LoopPay, a mobile wallet service.
ByJason Fell•
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WithApple Paybeginning to gain some traction, Samsung wants a piece of the mobile payments game. The South Korean tech giant hasagreed to buy山景城, Calif.-basedLoopPay, a mobile wallet service.
LoopPay says its technology "turns existing magnetic stripe readers into secure, contactless receivers." The company says its service has the potential to work in about 90 percent of existing point-of-sale terminals.
The companies did not disclose the financial terms of the agreement.
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As part of the deal, LoopPay founders Will Graylin and George Wallner will work closely with Samsung's mobile division. It will be interesting to see if Samsung plans to integrate LoopPay technology into its forthcoming flagship smartphone, the Galaxy 6.
The digital wallet concept really has yet to catch on, but is making progress. Since launching in September, Apple's Apple Pay service has gained signed fair number of partners, including agrowing list of banks and credit unions, as well as food and retail shopslike McDonald's and Foot Locker.
Related:Samsung Plans to Use Cash Pile to Fund Growth, Acquisitions
