The korean giant Samsung will implement a wireless mobile payment solution on its next generation Galaxy devices that will be released in the first quarter of this year. For the same reason, the company has acquired mobile payment platform LoopPay. The financial details of the deal which was first rumored in December were not disclosed.
This system would be just similar to Apple’s Apple Pay which was released in the last fall along with the new iPhone 6. LoopPay’s mobile wallet solutions provider turns existing magnetic stripe readers into secure, contactless receivers.
David Eun, EVP of Samsung’s Global Innovation Center said
“We are excited to take our relationship with LoopPay to the next level, by bringing consumers a mobile wallet solution that is not just safe and reliable, but also widely accepted at more locations than any competing service. Through this deal we can significantly accelerate our mobile commerce efforts. LoopPay’s outstanding leaders and team have deep-rooted relationships with banks, card networks and merchants that will complement those Samsung has established over the years.”
As part of the acquisition, Loopay’s founder, Will Grayling and George Wallner will join Samsung’s Mobile Division. Moreover, the technology will give Samsung a huge edge over competitors, who also face difficulties with major retailers, such as Wall-Mart and CVS, which have rejected outside services in favor of their own payment system. CurrentC, whose backers also include Target, 7 Eleven, Rite Aid and Best Buy. Let’s see what the Mobile payment sector has to offer in future, keeping our hopes high.