LoopPay tech will be part of Samsung Pay
Samsung Electronics has announced a new mobile payment service called Samsung Pay.
It combines what it’s calling Magnetic Secure Transmission - the technology used by its recent acquisition LoopPay - with Near Field Communication. As a result, it says consumers will be able to use secure mobile payments at ‘nearly all’ merchant locations.
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Samsung Electronics has agreed to acquire mobile wallet service LoopPay.
LoopPay’s products can allow a retailer’s conventional card reader to also accept contactless payments, with the ability to work with around 90% of all point-of-sale terminals in the USA.
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