Samsung has acquired LoopPay, the companies announced today. The acquisition confirms earlier rumors that suggested the two were working closely together on an upcoming project, and suggests Samsung could make use of LoopPay’s technology to offer is own Apple Pay competitor on future devices.
FacebookLinkedInLooppay On Stage CES 2015
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 fob or a 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.
LoopPay founders Will Grayling and George Wallner will join Samsung’s Mobile Division as part of the acquisition arrangement, 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.
FacebookLinkedInLooppay On Stage CES 2015
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 fob or a 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.
LoopPay founders Will Grayling and George Wallner will join Samsung’s Mobile Division as part of the acquisition arrangement, 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.
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