Samsung acquires mobile payment company, LoopPay

Samsung has finally acquired LoopPay, a mobile payment company which is in direct competition with Apple’s Apple Pay. In a bit to keep up with competition, Samsung has acquired the Massachusetts based startup, Loopay which turns magnetic stripes into secure and contactless payment solution. Users would be able to make payment 

Reports surfaced in December when sources familiar with the project stated that LoopPay had a prototype which successfully worked on a Samsung smartphone. The upcoming Samsung Galaxy S6 would according to numerous reports be incorporated with the payment solution. 

Commenting on the acquisition 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. 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.”

Commenting on the acquisition Will Graylin, CEO of LoopPay, said;

“LoopPay is focused on delivering a digital wallet solution that is dependable for consumers around the world, one that provides more value from card issuers and the merchants that serve them. We are excited to join the Samsung family to continue our goal of making smartphones trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce.”

The terms of the deal was not announced but as part of the acquisition LoolPay founders – George Wallner and Will Graylin will join Samsung Mobile Division. It looks like mobile payment solution is the next niche Samsung and Apple are looking to compete again.