Samsung announced on Wednesday via a press release that the company is buying LoopPay, a direct Apple Pay competitor. LoopPay, similar to Apple’s mobile payment system, offers a mobile payment system that allows NFC wireless payments to take place of magnetic striped credit and debit cards.
Unfortunately, an acquisition price wasn’t shared.
“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.
LoopPay are already compatible with over 90 percent of retailers in the United States. Samsung assuredly may be using the buyout to build its own mobile payment system to compete against Apple Pay.