Samsung buys LoopPay, bolstering mobile payment ambitions

Gigaom

Rumors of the Samsung Galaxy S6 using LoopPay technology for mobile payments are sounding quite a lot better now that Samsung has bought the company for an undisclosed amount. Samsung announced its purchase of LoopPay on Wednesday, saying it will bring “consumers a mobile wallet solution that is not just safe and reliable, but also widely accepted at more locations than any competing service.”

Clearly, the mention of a competing service is aimed squarely at [company]Apple[/company] Pay, which has quickly grown as an accepted mobile payments service in a short time. But LoopPay is a new twist on old credit and debit card payment tech and is accepted at roughly 90 percent of all locations that accept traditional card payments.

LoopPay Card Case Transaction

LoopPay does this by creating a magnetic field that replicates the data on the magnetic strip of standard cards. As a result, there’s no need for retail locations to…

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