Contactless payment solution, LoopPay has signed an agreement to be acquired and become a wholly owned subsidiary of Samsung Electronics America, Inc. Co-founded by Will Graylin and George Wallner, LoopPay is one of the world’s most accepted mobile payment solution which leverages existing magnetic stripe readers to receive payments from consumers’ mobile devices. LoopPay was born with the invention of Magnetic Secure Transmission (MST). This patented technology, along with the LoopPay app, became the most accepted mobile payment solution worldwide.
LoopPay co-founder Will Grayling announced on their website- “Our vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue. I’m most excited that Samsung shares this vision and has chosen to help change how we shop and pay for goods and services. We look forward to working with Samsung to offer the world’s most secure and compelling mobile platform.”
While JK Shin, President and Head of IT and Mobile Division at Samsung Electronics said- “This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.” He added that LoopPay founders Grayling and George Wallner will join Samsung’s Mobile Division as part of the acquisition arrangement, and both the company’s talent and the tech will help the smartphone maker further its mobile wallet ambitions.
With this comes the alternative payment solution for non- Apple users. Infact a lot of their marketing strategy is based on a comparative study with ApplePay. They say that LoopPay supports 10,000+ issuers, thousands of credit and debit cards along with most gift, loyalty, private label, prepaid, and campus cards as opposed to the 90 issuers that Apple Pay supports. According to LoopPay, it fares better than ApplePay in terms of both ease of use and compatibility with several different devices.
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LoopPay’s sleek new CardCase attaches to smartphones with a convenient storage compartment for an ID and backup card. The handy LoopPay Card can be removed from the case to hand to a waiter or clerk so you can hold onto your smartphone. Apart from the tap to pay option, the device can also be placed against the reader where you normally swipe to pay instantly.
The technology is expected to be launched along with Samsung’s 2015 flagship Android smartphone at MWC on March 1, when we expect to see a Samsung Galaxy S6 unveiling.
(image credit: Kãrlis Dambrãns)