BANGALORE: Samsung’s announcement on acquiring LoopPay, has confirmed earlier rumors that stated the two companies were working together on a forthcoming project. The rumors further suggested that Samsung would probably use LoopPay’s technology to bring out its own version of Apple Pay competitor to oncoming devices, reported by Tech Crunch.
In addition, LoopPay had earlier publicized a way out as an alternative for the Apple Pay. It ensured to support the compatibility for all non Apple devices that were already at retailer’s outlet throughout the U.S. At present, it runs on a separate fob or Card Case that fits in the payment tech into a protective case, which is utilized by several top end Smartphones in the market.
LoopPay app that permits input and store payment card information enables wireless case communication that comes with tap-to-pay terminals accessible to retailers. The app that takes off the likeliness of the mag stripe technology has been designed in a way that doesn’t necessarily call for an updated hardware in majority of stores.
In consent to the business ownership Grayling and George Wallner, the founders of LoopPay, are soon to become a part of the Samsung’s Mobile Division. The Mobile Division President and Head of IT JK Shin announced that the collaboration alongside the tech will not only find solutions for the mobile wallet but will also boost the ambitions of its Smartphone makers to take it further with their products.
“We are excited to take our relationship with LoopPay to the next level, by bringing consumers a mobile wallet solution that is not just safe and reliable, but also widely accepted at more locations than any competing service,” said David Eun, EVP of Samsung’s Global Innovation Center
“Through this deal we can significantly accelerate our mobile commerce efforts. LoopPay’s outstanding leaders and team have deep-rooted relationships with banks, card networks and merchants that will complement those Samsung has established over the years.”
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