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Wireless

Samsung targets US market with LoopPay acquisition

Friday 20 February 2015 | 10:45 CET | Author: Bart Garvelink | Background
Samsung has acquired LoopPay, an American start-up with a unique solution for mobile payments. This gives Samsung control over a technology that allows smartphones to process credit cards with a magnetic strip. The Samsung Galaxy S6 is expected to feature the technology. This is a key feature in the US, where the magnetic strip is still used to verify the card. In Europe, the technology will prove less useful, as the magnetic strip on cards is usually disabled, in favour of a chip and PIN system. For that, Samsung is developing NFC mobile payments. 

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Categories: Mobile & Wireless
Companies: Apple / MasterCard / PayPal / Samsung / Square / Visa
Countries: World
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