Samsung is acquiring LoopPay, a mobile wallet solutions provider that turns existing magnetic stripe readers into secure, contactless receivers to strengthen the company’s overall efforts to provide users with seamless, safe, and reliable mobile wallet solutions. LoopPay’s technology has the potential to work in approximately 90% of existing point-of-sale (POS) terminals, according to internal research, with no investment in new infrastructure required by merchants. The investment, which was facilitated by Samsung’s Global Innovation Center, is aimed at fueling LoopPay’s Magnetic Secure Transmission (MST) technology development.
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. According to Samsung, LoopPay’s talent and technology, paired with it’s world leading mobile technology, global presence, and distribution capabilities will help drive the next wave of innovation in the digital smart wallet. Samsung has an existing relationship with LoopPay, having first identified the potential for the pioneering technology when it became a strategic investor along with Visa and Synchrony Financial.