Apple’s mobile payments service Apple Pay is working out better than anyone dared hope, so naturally Samsung is keen to get in on the act.
To do this, Samsung has announced that it has come to an agreement to acquire mobile wallet solution provider LoopPay, a company it was already an investor in.
“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.”