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Samsung will acquire mobile wallet solutions provider LoopPay, accelerating its mobile commerce efforts and suggesting it is gearing up to challenge rival Apple in the mobile payments market.LoopPay actively markets itself as an Apple Pay alternative, encouraging consumers via its website to compare the accessibility of the two digital wallet solutions.
Its Magnetic Secure Transmission technology turns in-store payment terminals into contactless readers, which LoopPay states means no special equipment is required to accept payments with a LoopPay-enabled smartphone or device.
LoopPay card cases are designed to fit with a range of smartphones, including Android devices and iPhones.
According to internal research, LoopPay’s technology has the potential to work in approximately 90 per cent of existing point-of-sale terminals.
Apple Pay, which was launched in the US last year, operates via NFC, employing Apple’s Touch ID fingerprint screening technology, available on the iPhone 6 and iPhone 6 Plus, for in-store payments.
LoopPay founders Will Graylin and George Wallner will work with Samsung’s Mobile Division, looking to “drive the next wave of innovation in the digital smart wallet” it has been announced via a media release.
“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce,” commented JK Shin, Samsung Electronics president and head of IT and mobile division.
“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.”
With Samsung expected to unveil its next-gen flagship Galaxy S6 smartphone ahead of the Mobile World Congress in Barcelona at the beginning of March, the acquisition has prompted speculation it could incorporate LoopPay technology into the S6.
