Samsung goes head to head with Apple in digital wallet acquisition

Samsung is to acquire mobile payments start-up LoopPay as the electronics giant steps up in its efforts to take on rival Apple.

Samsung: set to take on arch rival Apple with LoopPay purchase
Samsung: set to take on arch rival Apple with LoopPay purchase

The deal signals Samsung’s intention to launch a digital smart wallet, taking on the likes of Apple, Google and PayPal, which all offer services to enable customers to pay for their goods via their mobile phones.

Samsung is an existing strategic investor in LoopPay, which was founded in 2012 in Boston and works by using magnetic secure technology. Samsung said about 90% of checkout counters already support magnetic swiping.

Its digital wallet can store and use a wide variety of mag stripe cards including debit and credit cards, private label cards, gift cards loyalty cards and rewards cards.

However Apple Pay, which launched in September, allows its users to pay at the tap of a button – but retailers need to install NFC.

JK Shin, president and head of IT and mobile division at Samsung Electronics, said: "This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal."



Become a member of Campaign

Get the very latest news and insight from Campaign with unrestricted access to , plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an alert now

Partner content