Editor in Chief
- Dec 30, 2010
- Reaction score
- Austin, TX
A few weeks ago we shared a story hinting at rumors that Samsung may purchase a company called LoopPay in order to start their own mobile payment setup. Not only did we cover it in a regular news article, but it ended up being featured on our ninth weekly Android in the News - Week in Review video as well. Today we can now confirm the previous story as Samsung and LoopPay have made it official.
LoopPay shared a press release online detailing that Samsung will be acquire LoopPay with the intention of making the service available in some of their future devices. LoopPay was careful in their press release not to reveal which Samsung devices would have the service. It is unlikely to show up in the Samsung Galaxy S6 unless some type of arrangement to use the LoopPay technology has been made previously.
Still, sometime down the road we will be able to try out Samsung's mobile payment service which can supposedly use any retail POS whether the company has upgraded their equipment or not. LoopPay's unique concept of using existing retail infrastructure by mimicking your credit card with a regular credit card machine could give Samsung a big leg up against competitor digital wallet services like Apple Pay and Google Wallet.
Both of those services require special hardware and/or agreements with retailers, while LoopPay requires nothing on the part of the retailer. Tell us what you think of Sammy's savvy business strategy.