South Korean technology firm Samsung Electronics has agreed to acquire US mobile wallet start-up LoopPay, signalling its plans to enter into the mobile payments industry.
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The acquisition will pit Samsung against other technology giants with mobile payment services, including Google, eBay’s PayPal and Apple Pay.
Samsung’s payments service, expected to be launched during the release of Galaxy S6 smart-phone in Barcelona, will allow consumers to register their credit, debit, gift and loyalty cards onto their Samsung smart-phone, and use the handset to make purchases, instead of carrying the cards in a physical wallet.
As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung’s Mobile Division.
Samsung Electronics president and head of IT and mobile division JK Shin said: "This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce.
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By GlobalData"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."
