Samsung Paid $250 Million for LoopPay, to Rival Apple Pay
There is a price you need to pay to compete with Apple Pay. For Samsung that bill is said to be $250 million: That's how much the South Korean manufacturer paid for LoopPay, whose technology will power the Samsung Pay mobile payments system, Re/code reports. While the Apple Pay mobile payment system is limited to the...
Samsung Acquires Digital Wallet Startup LoopPay, Looks to Compete with Apple Pay
Today, Samsung announced plans to acquire mobile payments startup LoopPay, in an effort to build a digital wallet platform that will compete with Apple Pay. The two companies started talking about a potential partnership in December. LoopPay’s technology stores payment information taken from a credit or debit card’s magnetic strip. The technology works over a...