Samsung acquires Looppay to compete Apple, vut amount is not yet disclosed. Though Samsung is not known for its wireless payments, used the Google Wallet, the NFC-based payment solution on the Nexus S I9250 way back in 2010, and featured Wallet on the next device, the Galaxy Nexus ( ( also knows as Nexus 3 or Galxy X ). Since then, Samsung has continued with Google’s wallet, as well as created own S Wallet which was Samsung account, and solved teh same purpose. But, the problem with Google Wallet, Softcard, or any NFC-based payment option is the need for special, check-out hardware at stores and merchant stations to utilize the NFC capabilities of smartphones.
LoopPay, another payment option provider, announced their partnership with Samsung at CES which would introduce a LoopPay-enabled case for the popular 2014 flagship the Galaxy S5. Today, Samsung has agreed to buy LoopPay and will likely incorporate its payment technology into the upcoming Galaxy S6. LoopPay’s tech utilized the existing magnetic stripe reader on most payment terminals to have your credit card safely absent from the situation. The concept is set to take on Apple’s recent addition of NFC and introduction of Apple Pay last fall inside the iPhone 6 and 6 Plus. the big deal is this: the Galaxy S6 will have its own payment technology, and theoretically not use Google Wallet or its various competitors. Similarly, this could be a way for Samsung to garner both attention and sales with the S6, and let users pay with Google Wallet, Softcard, and others like normal, just utilizing LoopPay’s technology instead of the traditional, if you could call it that, NFC method.
As stated by David Eun, Samsung EVP ” We are looking actually to build this Solution in the Smartphone Hardware. “
As MWC is close by and Galaxy S6 may be on the way, Samsung has not confirmed if S6 will have this feature or no. Samsung acquired looppay may be because of the extensive coverage offered.