A major development for Samsung as it agreed to acquire LoopPay. LoopPay is accepted at more merchants than any other digital wallet solution.
Three-year old, Boston-based LoopPay is a mobile wallet solutions provider that turns existing magnetic stripe readers into secure, contactless receivers. LoopPay’s technology has the potential to work in approximately 90% of existing point-of-sale (POS) terminals.
Terms of the deal were not disclosed.
Samsung has an existing relationship with LoopPay, having first identified the potential for the pioneering technology when it became a strategic investor along with Visa and Synchrony Financial. The investment, which was facilitated by Samsung’s Global Innovation Center, helped fuel LoopPay’s MST technology development.
As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung’s Mobile Division. LoopPay has built an advanced and widely accepted contactless payment solution using its patented Magnetic Secure Transmission (MST) technology. LoopPay’s talent and technology, paired with Samsung’s world leading mobile technology, global presence, and distribution capabilities will help drive the next wave of innovation in the digital smart wallet.
LoopPay’s 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. Access to the LoopPay app and data is password and PIN-protected and LoopPay encrypts and stores all card track data in secure memory within any LoopPay device. LoopPay is a Level One PCI Certified Payment Provider.
For more data on LoopPay access CardData®. For information and commentary on LoopPay visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on LoopPay are available exclusively through CardWeb.com.®