Feb
18
Samsung Scoops Up Mobile Wallet to Take On Apple Pay
Posted in: Uncategorized
Samsung wants its own mobile wallet. Instead of building it, it’s buying one.
On Wednesday, the Korean electronics titan announced plans to acquire LoopPay, a two-year old mobile payments and commerce platform. The startup, based in Woburn, Mass., markets a proprietary technology that wirelessly transmits credit card data without a swipe. Unlike Apple Pay, which relies on NFC-technology, its payment system is compatible with most current sales terminals. Its staff of 64 will join Samsung’s mobile division in the U.S.
Samsung declined to comment on the terms of the deal.
Post a Comment