Samsung Acquires Payment Company LoopPay To Take On Apple

Samsung has bought US-based payments company LoopPay for an undisclosed sum, as it looks to chase down rival Apple in the mobile payments sector.
The Korean company claims that LoopPay’s system is “accepted at more locations than any competing service”. Further, the system uses existing magnetic strip technology found in all credit card terminals, requiring no extra investment by merchants.
LoopPay, which raised funding on Kickstarter in 2013, has so far required users to buy a special phone case or dongle, but by incorporating the technology in Samsung smartphones could change that and boost adoption.
In-store payments using mobile devices are expected to grow exponentially over the next few years as technologies like Apple Pay, Google Wallet become more mainstream. So far however only Apple Pay is the only mobile payment system in the sector to see somewhat widespread adoption.

Leave a Reply

Sign Up for NextBigWhat Newsletter