Samsung acquired payment technology company LoopPay, which makes tech to allow smartphones communicate wirelessly with tap to pay terminals to make payments.
As reported by Techcrunch, The two companies together were working on an upcoming project, in which Samsung will make use of LoopPay’s technology to offer its own Apple Pay competitor on future devices.
The LoopPay app allows to input and store payment card information and the card case communicates wirelessly with tap-to-pay terminals available at merchants and retailers. It works by mimicking mag stripe technology, which means it does not require an updated hardware in most stores.
As part of the agreement, LoopPay founders Will Grayling and George Wallner will join Samsung’s Mobile Division. David Eun, EVP of Samsung’s Global Innovation Center, said “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.” Further adding, “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.”