Samsung Acquires Mobile Payments Company LoopPay, An Apple Pay Competitor

Earlier rumors suggested that Samsung will be working together with LoopPay on an upcoming project. 

Today, Samsung has acquaired the Boston based mobile payment tech firm LoopPay. This suggests that Samsung could make use of LoopPay's technology on future devices. The announcement did not disclose financial terms of the transaction.

"Today is a great day for LoopPay and all those who have supported us over the last few years," said Loop co-founder Will Graylin on the company's website. "Our vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue. "

LoopPay is a payment system similar to Apple pay. The payment system is able to wirelessly talk to regular magnetic stripe credit card readers. Users have to plug it to a fobe or use a LoopPay digital payment card  that can be used on its own or while secured in a special LoopPay smartphone case. To complete a transaction LoopPay users tap any of these devices on the store’s credit card machine.

Samsung plans to incorporate LoopPay's technology in its next flagship device Galaxy S6 which will be unveiled at MWC 2015, Barcelona on March 1.

Source : LoopPay