Samsung will be taking over the digital wallet service, LoopPay, shortly.
Samsung Electronics has made an announcement regarding its imminent acquisition of LoopPay. LoopPay is a digital wallet system, that transforms existent magnet tape readers into safe, wireless receptors.
Don't Miss: Incredible Pokemon Gifts
The high tech setup of LoopPay has the capacity to work in synch with the majority of point of sale terminals. And this will require zero input into novel infrastructure by the mercantile class.
LoopPay will join forces with Samsung in order to see to the provision of holistic, dependable and foolproof methods of mobile wallet payment. Once the acquisition is complete, the originators of LoopPay will fully cooperate with Samsung’s mobile department.
LoopPay has used its Magnetic Secure Transmission (MST) technology to build a widely accepted contactless payment solution. The meeting of minds, that is the bond between Samsung and LoopPay, will lead to the creation of a new digital smart wallet. It means that we will soon see Samsung's own Apple Pay competitor.
LoopPay will take Samsung one step towards its objectives. And Samsung took up the challenge since it has links with Synchrony Financial and Visa. The intimate link with banks, credit cards and the merchant experience has led Samsung into a new era. And LoopPay is to help Samsung in its journey into the future.
The CEO of Synchrony Financial has also expressed satisfaction at using LoopPay’s MST technology for her organization’s purposes. She wants to take matters into her own hands. To furnish cool products for clientele is the ultimate set point of the firm. Over 60 million extant accounts will be activated thanks to the nexus between the two conglomerates.
LoopPay can extend to areas that are greater in number than such a service as Apple Pay. The exact amount that will be paid by Samsung for the acquisition has not been stated in clear words.
With acquisition of LoopPay, Samsung actually wants to build its own mobile wallet to counter the growing influence of Apple Pay. The MST technology used in LoopPay is very different from the NFC technology employed in Apple Pay’s systematization.
Don't Miss: See the first leaked Black Friday 2016 Ad
LoopPay also makes many other products. One of these is a $59 smart phone case. And now with the acquisition of LoopPay, Samsung is going to give tough competition to Apple in terms of mobile payments.