Samsung acquires mobile payment company LoopPay

Samsung has made some major strides this week, on Monday the company hinted that Samsung Galaxy S6 will come with wireless charging technology and yesterday Galaxy S6 Edge was spotted at the GeekBench site with impressive scores. Now we have the official confirmation that Samsung has acquired the mobile payment system LoopPay for an undisclosed amount. A few weeks back we reported that Samsung is working on bringing a payment system which would be in direct competition with ApplePay, now it looks as if they are making the necessary strides in that way.

By acquiring the LoopPay technology, Samsung will also be gaining 10 million locations which support this service which is a great head start in comparison to Apple Pay’s 220,000 locations. We do have to keep this aspect in mind that Apple started from scratch with their payment system and it is based on NFC which a lot of retailers are not willing to install in their stores. Samsung’s LoopPay technology uses a magnetic swiping method. David Eun, head of Samsung’s Global Innovation Center commented that, ‘If you can’t solve the problem of merchant acceptance…, of being able to use the vast majority of your cards, then it can’t really be your wallet’.

Samsung’s upcoming flagship, Galaxy S6 will support the payment system and if this goes without a hitch then the company will definitely help optimize the user experience. Injong Rhee, in charge of the mobile payment project made his company’s stance clear on this perspective by saying that , ‘It’s about changing user behavior, it’s not about who’s first in the market’. Maybe we will get some more information about the payment system at the MWC, Samsung event is certainly something to look forward to.

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