Samsung announced in a press release this evening that it has purchased LoopPay, an Apple Pay-like mobile payment company. LoopPay turns existing magnetic stripe card readers into secure, contactless receivers. This means that, in an ideal world, LoopPay would be available in nearly every retailer that accepts magnetic strip cards. A specific acquisition price is unclear at this point.
As part of the deal, however, LoopPay founders and veteran payment industry experts Will Graylin and George Wallner will join Samsung and work closely with the company’s mobile division. The deal was rumored back in December and at the time, Re/code claimed that Samsung was planning to incorporate the technology into its upcoming Galaxy S6 flagship. The device is expected to be released at Mobile World Congress in Barcelona next month.
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