Today, Samsung has announced that it’s acquiring LoopPay, a mobile wallet provider that allows wireless payments to take place on existing magnetic stripe readers.
The announcement didn’t disclose the sale price, but said that LoopPay’s founders will join Samsung’s mobile division to push forward the “next wave of innovation in the digital smart wallet.”
Samsung had previously partnered with LoopPay but says the acquisition will help take it to the “next level” and would mean its solution is more widely accepted than competing services due to the technology working with existing point-of-sale products.
LoopPay touts 10 million merchants using its platform right now and allows you to add existing credit cards without making any changes. Recode reported previously that the upcoming Samsung Galaxy S6 will featured a Samsung-developed payment solution.
Apple Pay, Samsung’s biggest competitors in the mobile space, recently announced that it already owns 1.7 percent of mobile payments after launching the service in September.
➤ Samsung to Acquire LoopPay, Transformative Digital Wallet Platform [Business Wire]