Home Merger & Acquisitions Samsung Acquires Mobile Payment Technology Startup LoopPay

Samsung Acquires Mobile Payment Technology Startup LoopPay

Samsung, one of the primary Google Wallet partners, announced in late February that they would acquire mobile contactless payment platform and wallet LoopPay, which uses a proprietary phone case or keychain fob to transmit payment information to traditional point-of-sale payment terminals using patented Magnetic Secure Transmission™ technology. Terms of the acquisition, which has potential to shakeup the mobile wallet market, were not disclosed.

LoopPay, based in the Boston, Massachusetts area, will be a wholly owned subsidiary under Samsung Electronics America while co-founder and CEO Will Graylin will continue to lead the LoopPay organization in addition to becoming a co-GM for Samsung payment solutions.

This acquisition may signal that Samsung is hedging their bets to be part of the future or mobile payments, with or without Google.

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