Samsung acquires Apple Pay competitor LoopPay
Following reports of a potential acquisition last year, LoopPay, makers of a popular mobile payments service and one of ApplePay's largest competitors, has officially been acquired by Samsung.
Like ApplePay and other mobile payments companies, LoopPay provides an alternative to existing magnetic swipe readers and POS machines in retail stores, which have proven to be a huge safety risk for millions of customers. Their products allow shoppers to process payments without ever swiping a card, and LoopPay says its products -- which include a key fob and the CardCase -- work at 90 percent of existing retailers.
The acquisition will help both Samsung and LoopPay seize the fledgling mobile payments market for non-Apple devices, which is currently split between several different companies. Although financial details of the acquisition have not been disclosed, Samsung has likely paid a hefty sum to acquire LoopPay, considering eBay's similar acquisition of payment provider Braintree in 2013.
