In an attempt to compete with Apple’s Apple Pay service, Samsung has acquired LoopPay, according to a recent press release.
LoopPay rivals Apple Pay by offering a contactless payment option for almost all magnetic strip cards. Currently, LoopPay technology is limited to phone cases and key chains, but Samsung hopes to integrate LoopPay features into its flagship Galaxy S6.
JK Shin, Samsung’s President and Head of IT and Mobile Division explains that,
“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.”
Samsung has also agreed to keep around LoopPay founders Will Graylin and George Wallner. The two hope to use Samsung as a platform to continue their mission to transform the way we pay.