Samsung announced on Wednesday that it’s buying Apple Pay competitor LoopPay as it looks to bolster a mobile payments product. LoopPay, similar to Apple’s offering, offers a mobile wallet that allows wireless payments to take place on existing magnetic stripe readers.
As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung’s Mobile Division. An acquisition price wasn’t shared.
Compatibility for LoopPay is already available at 90 percent of retailers across the US, the company says. Assumedly, Samsung is looking to build out its own mobile wallet to take on Apple Pay.
“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal,” said JK Shin, President and Head of IT and Mobile Division at Samsung Electronics.
Source: Press Release