What is seen as clouds and possible signs of more thins to come, Samsung Telecommunications has acquired mobile wallet services provider LoopPay for an undisclosed sum of money. Talks and reports about a Samsung-LoopPay partnership have been floating since quite a few months now, and this acquisition clears the air for once and for all.
LoopPay’s provides various services including conversion of existing magnetic stripe readers into contact-less receivers. Although a partnership between the two companies had previously been established, the acquisition according to the company will allow for the “next wave of innovation in the digital smart wallet.”
Samsung is expected to feature something along the lines of Apple Pay on its next-in-line flagship, the Galaxy S6. LoopPay’s acquisition means that Samsung also gets the 10 million merchants that are affiliated to LoopPay’s services, something that could give the company a much needed head-start.