Samsung To Acquire Mobile Payments Company LoopPay

Mobile payments are trending at the moment ever since Apple released Apple Pay with their new iPhone 6 and 6 Plus handsets, so it did not come as a complete surprise to learn that Samsung could be considering launching an Apple Pay competitor of their own. The feature is rumored to launch with the Galaxy S6 and while that remains to be seen, it has been officially announced that Samsung will be acquiring LoopPay.

For those unfamiliar with LoopPay, they are basically a mobile payments company. LoopPay’s system works through traditional magnetic credit card readers which means that technically it should be able to work in many locations that offer credit card readers, as opposed to Apple Pay in which an NFC terminal is required to use the feature.

Now LoopPay has in the past been creating cases for smartphones that would allow these devices to take advantage of their technology, but with Samsung officially acquiring the company, it might be possible that we could see Samsung bake the technology directly into their handsets in the future.

Of course it remains to be seen how this will tie-in with the Galaxy S6, especially since the acquisition’s announcement is only being made now, but either way with MWC 2015 kicking off in the next few weeks, we guess we won’t have to wait too long to find out.

Tyler Lee
Categories: Cellphones
Tags: looppay, Samsung