LoopPay has signed an agreement to be acquired and become a wholly owned subsidiary of Samsung Electronics America, Inc.
The two companies were previously rumored to be talks over a potential partnership in December for a payment system that would rival Apple Pay.
LoopPay’s technology stores payment information from a credit or debit card’s magnetic stripe, transmitting payment details to card readers in lieu of a physical card. Because it works over a magnetic field, LoopPay is compatible with 90 percent of existing card readers and does not require merchants to support NFC as Apple Pay does.
According to Samsung, LoopPay will provide the company’s customers with a “seamless, safe, and reliable” mobile wallet solution.
“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,” said JK Shin, President and Head of IT and Mobile Division at Samsung Electronics.”
The Looppay stills hold strong to it’s vision of inspiring consumers to transition from a physical wallet to a truly digital wallet .
