Samsung has just purchased U.S. mobile payments firm LoopPay. In doing so it gives the company a strategy to compete with ApplePay. It looks like a new mobile payments solution from Samsung will be launched on March 1st, during Samsung’s Galaxy S6 smartphone event.
Unlike ApplePay that requires new hardware the LoopPay solution can convert traditional point-of-sale (POS) systems so that they are able to accept contactless payments. All customers have to do is tap their smartphone next to a LoopPay card reader connected to the POS, Samsung says 90 percent of current systems support the mobile payment technology.
“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,” said JK Shin, co-CEO and head of Samsung’s mobile business, said in a public statement.