Samsung acquires Apple Pay competitor LoopPay to accelerate its mobile commerce effort
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.