Samsung Buying LoopPay, Mobile Wallet Solutions Provider
LoopPay, the mobile wallet solutions provider, will become a subsidiary of Samsung Electronics America, the companies said in a Wednesday announcement. Terms weren’t disclosed. "Through this deal, we can significantly accelerate our mobile commerce efforts," Samsung said in a statement.…
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"LoopPay’s outstanding leaders and team have deep-rooted relationships with banks, card networks and merchants that will complement those Samsung has established over the years.” LoopPay’s technology turns existing magnetic stripe readers at the point of sale into “secure, contactless receivers,” the companies said. The technology has the potential to work in an estimated 90 percent of existing POS terminals, with no investment in new infrastructure required by the retailer, they said. Best Buy and Walmart have been retail holdouts on Apple Pay since Apple introduced the service last September. Neither retailer has explained its decision not to support Apple Pay, except to say it lacks near field communications POS terminals in its stores (see 1409150051). “Today is a great day for LoopPay and all those who have supported us over the last few years,” LoopPay CEO Will Graylin said in a Wednesday blog post. LoopPay’s “vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue,” Graylin said. “I’m most excited that Samsung shares this vision and has chosen to help change how we shop and pay for goods and services.”