Home Samsung Buys Mobile Payments company LoopPay

Samsung Buys Mobile Payments company LoopPay

Samsung Electronics has acquired LoopPay, a Mobile Payment startup, which is seen as a move to take on Apple’s Apple Pay service, which has been gainining momentum lately. LoopPay says its patented technology called Magnetic Secure Transmission “turns existing magnetic stripe readers into secure, contactless receivers.” The company says its service has the potential to work in about 90 percent of existing point-of-sale terminals, which translates in it being accepted in over 10 million stores worldwide.
It would be highly advantageous for Samsung to bring to the market an easily accessible, compatible and reliable service for merchants to use before its competitors can. LoopPay founders Will Graylin and George Wallner are working closely with Samsung’s mobile division, and we hope that it can be Integrated into the Tizen based Samsung Z1 and also future Samsung Tizen Smartphones.
The companies did not disclose the financial terms of the agreement.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.