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Samsung acquires LoopPay to rival Apple Pay
(MENAFN) Samsung Electronics announced signing a deal to acquire LoopPay, a startup digital wallet firm challenging Apple Pay at retailer checkout terminals, AFP reported.
Samsung did not disclose terms of the deal to buy the Boston-based LoopPay, which is compatible with approximately 90 percent of retail terminals to let customers tap their phones for payment.
Buying the company will allow Samsung to use the technology to infuse its smartphones or tablets with mobile wallet capabilities that will work with magnetic stripe readers already in most shops.
"We are excited to take our relationship with LoopPay to the next level, by bringing consumers a mobile wallet solution that is safe and reliable," Samsung global innovation center executive vice president said.
Samsung did not disclose terms of the deal to buy the Boston-based LoopPay, which is compatible with approximately 90 percent of retail terminals to let customers tap their phones for payment.
Buying the company will allow Samsung to use the technology to infuse its smartphones or tablets with mobile wallet capabilities that will work with magnetic stripe readers already in most shops.
"We are excited to take our relationship with LoopPay to the next level, by bringing consumers a mobile wallet solution that is safe and reliable," Samsung global innovation center executive vice president said.
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