Samsung mobile payments company acquires LoopPay to take on the Apple Pago

It seems that Apple is about to get some new competition in the area of ​​mobile payments Samsung. The company announced today that it will acquire LoopPay, an Apple competitor payment that works with existing magnetic stripe readers.

Samsung:

LoopPay has built an advanced payment solution contact and widely accepted using its patented magnetic Secure transmission (MST). LoopPay talent and technology, along with the world's technology leader Samsung mobile, global presence and distribution capabilities help drive the next wave of innovation in intelligent digital wallet.

If you are not familiar with LoopPay, the company uses technology wirelessly transmits data normally stored on the magnetic strip on your card payment terminal in a store. Currently, the company has built its technology only a few hardware products, including a fob and a case LoopPay phone.

There is no doubt that when Apple launched its payment platform Apple last fall, brought some weight in the sector. However, it will be interesting to see what, if any, effect the acquisition of LoopPay Samsung has at the scene of mobile payments

Press Release:

Samsung takes LoopPay, digital Wallet Platform Transformation
Samsung Electronics Co., Ltd. today announced that it has agreed to acquire LoopPay, the acclaimed provider of mobile wallet that converts existing magnetic stripe readers in receivers without secure contact. LoopPay technology has the potential to work in about 90% of (POS) existing at the point of sale, according to an internal investigation, without investing in new infrastructure required by traders. LoopPay will join Samsung to strengthen global efforts of the company to provide users with mobile wallet solutions seamless, safe and reliable.

As part of the acquisition, the founders and entrepreneurs LoopPay veteran George Wallner payments Graylin and sector work closely with Samsung's mobile division. LoopPay has built an advanced payment solution contact and widely accepted using its patented magnetic Secure transmission (MST). LoopPay talent and technology, along with the world's technology leader Samsung mobile, global presence and distribution capabilities help drive the next wave of innovation in intelligent digital wallet.

"This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smart wallet ,, experience safer easy to use phones, and we are delighted to welcome LoopPay for bring us closer to this goal, "said JK Shin, President and Head of IT and Mobile Division of Samsung Electronics.

Samsung has an existing relationship with LoopPay, after identifying the potential of the technology forefront when it became a strategic investor with Visa and Financial Sync. The investment, which was facilitated by the Center for Global Innovation Samsung, MST helped develop technology LoopPay fuel.

"We are very excited to take our relationship to the next level LoopPay, to bring consumers a mobile wallet solution that is not only safe and reliable, but also widely accepted in more places than any competitor service," said David Eun, vice president Samsung executive Global Innovation Center. "Through this agreement we can significantly accelerate our efforts to mobile commerce. Leaders and outstanding team LoopPay have entrenched relationships with banks, card schemes and merchants complement Samsung has established over the years."

Margaret Keane, president and CEO of Financial Synchrony, the largest provider of credit cards in the US private label and a leader in promotional financing, as well as an investor in LoopPay, commented: "This is great news for our customers who can access their cards and make payments using contactless technology MST LoopPay Our goal is to offer products. value for our customers, service providers and our customers. We look forward to working with LoopPay and others to provide secure mobile payment solutions for all our 60 million active accounts. "

"LoopPay focuses on providing digital wallet solution that is reliable for consumers worldwide, offering more value card issuers and merchants that serve them," said Will Graylin, CEO of LoopPay. "We are excited to join the Samsung family to continue our goal of making smartphones reliable, secure smart wallets and mobile unlock unlimited trade opportunities."