Samsung Acquires LoopPay to Compete with Apple
Confirming rumors from this past December, Samsung has acquired Massachusetts-based LoopPay in an effort to compete with Apple Pay, and perhaps even Google’s recently rumored Plaso system.
Announced yesterday, Samsung boasted that “LoopPay’s technology has the potential to work in approximately 90 percent of existing point-of-sale (PS) terminals,” with “no investment in new infrastructure required by merchants.” Essentially, it’ll help Samsung jump into the mobile payments game that’s picked up so much steam since the Apple Pay announcement, without requiring retailers to upgrade or invest.
That’s the key: because LoopPay works with almost every preexisting credit card reader that’s already in stores, Samsung can get a huge leg up on the mobile payments competition, and help make its handsets must-have devices. Apple Pay works at terminals that have been made compatible with Apple Pay. LoopPay will work just about everywhere, regardless of whether or not the merchant has done a thing to make that work.
Said Samsung’s mobile chief JK Shin:
“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.”
Chances seem pretty good that LoopPay’s technology won’t find its way into the upcoming Galaxy S6, if only because of how close this announcement comes to the supposed reveal of the smartphone on March 1. That said, it’s also possible that LoopPay and Samsung have been working on putting the mobile payment tech into the handset since at least December, with this acquisition making the relationship between the two companies permanent. We’ll know for sure next month.
Would the presence of LoopPay in the Galaxy S6 be enough to get you to buy one? Every new tidbit I hear about what Samsung has cooking is starting to make me consider the new Galaxy…