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  5. Samsung buys LoopPay, Apple Pay rival on the cards

Samsung buys LoopPay, Apple Pay rival on the cards

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Samsung buys LoopPay, Apple Pay rival on the cards

Samsung has bought a contactless payment company called LoopPay, stoking rumours it's prepping a rival to Apple Pay. It's where the smart money is...

Like Apple Pay, LoopPay uses Near Field Communications (NFC) technology to enable payments when you touch your contactless card, phone or smartwatch against a reader.

It also works with retailers to give their existing chip and PIN machines contactless skills.

We can expect to see NFC contactless payment tech baked in to future Samsung phones and smartwatches.

Though the acquisition may be too late for the Galaxy S6 to gain such skills.

According to the press release, LoopPay and Samsung will "drive the next wave of innovation in the digital smart wallet".

"Through this deal we can significantly accelerate our mobile commerce efforts," said Samsung president J.K Shin.

"LoopPay's outstanding leaders and team have deep-rooted relationships with banks, card networks and merchants that will complement those Samsung has established over the years."

It's hard to see what Samsung can do differently.

Apple has signed up pretty much every major bank, with the rollout of Apple Pay widely regarded as a success.

The only downside is it hasn't reached these shores yet.

We're sure Samsung will have more to say on the matter come Mobile World Congress in a little over a week's time, though. Stay tuned for the lowdown.

Source:

StreetInsider

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