Samsung to acquire LoopPay

News Wireless Global 18 FEB 2015
Samsung to acquire LoopPay

Samsung Electronics has agreed to acquire LoopPay, a mobile wallet services provider that turns existing magnetic stripe readers into secure, contactless receivers. LoopPay will become a wholly owned subsidiary of Samsung Electronics America, Inc to strengthen the company's overall efforts to provide users with safe and reliable mobile wallet services. No financial details of the takeover were disclosed.

As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung's Mobile Division. LoopPay has built a widely accepted contactless payment service using its patented Magnetic Secure Transmission (MST) technology. 

Samsung has an existing relationship with LoopPay, having first identified the potential for the technology when it became a strategic investor along with Visa and Synchrony Financial. The investment, which was facilitated by Samsung's Global Innovation Centre, helped fuel LoopPay's MST technology development.

Categories:

Mobile

Companies:

Samsung,  Visa,  LoopPay

Regions:

Global

Tags:

e-Payment, IT - applications, Handsets, M&A buyouts & divestments

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