Samsung Looks Toward Mobile Payments By Acquiring LoopPay

Samsung has just announced that they are acquiring LoopPay, which has them looking towards mobile payments and digital wallets. LoopPay is a digital wallet solution and it is a direct competitor of Apple Pay. LoopPay unique technology allows it work with 90% of the existing point-of-sale terminals on the market, as it utilizes existing magnetic stripe readers. Samsung is quite excited to be acquiring LoopPay and will strengthen the companies mobile wallet system, in fact the team at LoopPay will be working closely with the Samsung Mobile team.

The announcement of this acquisition comes in the weeks prior to the 2015 Mobile World Congress, in which Samsung has an event. This event is most likely were they will be unveiling the Galaxy S6, Samsung’s flagship smartphone for the year. They have begun teasing the event showcasing a next generation camera and a lightning bolt, symbolizing speed thanks to the new Exynos chip set that will most likely be powering the device. I would not be surprised to see some form of a mobile payment solution or a digital wallet built into the Galaxy S6.