Samsung has just announced its acquisition of LoopPay – a mobile payment startup company. With mobile payment is getting more popular with Apple Pay and Google Wallet backing it up, Samsung gets its fair share of the competition with the acquisition of LoopPay.
LoopPay’s technology imitates the magnetic flux generated when the credit card is swiped. This is different as compared to NFC-based smartphone payment systems that work with modern POS terminals only. Thus, LoopPay allows the potential of letting it operate in limitless number of shops. You basically just need to tap the phone on the credit card terminal, and that is it.
Previously, LoopPay planned on getting their system into a smartphone from a major smartphone maker this year. Now we can confirm that Samsung will be the party that will deliver the handset to the market.
Now, with the release of Galaxy S6 soon, it may be a bit too late if Samsung wants to incorporate the system to the device. But, it won’t be too long before we see them in Samsung’s devices.