Samsung enters mobile-payment market, acquires LoopPay
Samsung has made a move into the mobile-payment market by through its recent acquisition of LoopPay.
“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,” JK Shin, president of Samsung, said in a statement.
The deal suggests that Samsung may be including mobile-payment technology in its next major phone – expected to be unveiled at the Mobile World Congress in Barcelona on March 1.
LoopPay, only one year old, works via “Magnetic Secure Transmission™ (MST) technology” that “turns in-store payment terminals where you normally swipe a credit card into contactless readers.”
LoopPay said the following regarding the buyout:
“Today is a great day for LoopPay and all those who have supported us over the last few years. I’m excited to let you know that LoopPay has signed an agreement to be acquired and become a wholly owned subsidiary of Samsung Electronics America, Inc.”
“Our vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue. I’m most excited that Samsung shares this vision and has chosen to help change how we shop and pay for goods and services. We look forward to working with Samsung to offer the world’s most secure and compelling mobile platform.”
A digital wallet or E-wallet is an electronic device or online service that lets us make electronic transactions.
The road ahead is an exciting one, and we look forward to continuing this journey together.”
“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, head of Samsung’s mobile division.
User friendly, in this context, means easy and maybe also enjoyable to use.
David Eun, executive vice president at Samsung’s Global Innovation Center, said the deal will help Samsung “significantly accelerate our mobile commerce efforts.”