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Samsung acquires mobile payment tech firm LoopPay

Today, Samsung is a South Korean multinational conglomerate company
Samsung has acquired
LoopPay.

According to the
TechCrunch
report, the acquisition confirms suggests that Samsung could make use of
LoopPay’s technology to offer its own Apple Pay competitor on future devices.

Today, Samsung is a South Korean multinational conglomerate company
Samsung has acquired
LoopPay.

According to the
TechCrunch
report, the acquisition confirms suggests that Samsung could make use of
LoopPay’s technology to offer its own Apple Pay competitor on future devices.

The mobile
wallet maker LoopPay even advertises its solution as an alternative to Apple
Pay for non-Apple device makers, and advocates its compatibility with systems
already in place at retailers throughout the U.S.

Its tech
currently works using a standalone CardCase, which incorporates the payment
tech into a protective case designed for use with some of the top smartphones
currently available.

A LoopPay app
allows you to input and store payment card information, and the case
communicates wirelessly with existing tap-to-pay terminals available at
merchants and retailers. It works by mimicking mag stripe technology, meaning
it shouldn’t even require updated hardware in most stores.

As part of the
acquisition arrangement, LoopPay founders Will Grayling and George Wallner will
join Samsung’s Mobile Division and both the company’s talent and the tech will
help the smartphone maker further its mobile wallet ambitions, according to a
statement by Mobile Division President and Head of IT JK Shin.

Samsung is
making very clear that the acquisition will help it produce its own mobile
wallet solution, likely a direct competitor to Apple Pay.

“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,” added David Eun, EVP of
Samsung’s Global Innovation Center, in the joint press release issued by the
companies.

“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.”

According to the
TechCrunch report, Samsung is set to launch its 2015 flagship Android smartphone
at MWC on March 1, and it is possible that tech developed in tandem with
LoopPay will make an appearance with the unveiling of Samsung Galaxy S6 hardware.

Here is the
official statement published by LoopPay on its site:

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