LoopPay

Samsung is acquiring mobile wallet solutions provider LoopPay. LoopPay founders Will Graylin and George Wallner will be working with Samsung’s Mobile Division.

As part of the acquisition,  LoopPay has built a contactless payment solution using its patented Magnetic Secure Transmission (MST) technology. LoopPay’s technology has the potential to work in approximately 90% of existing point-of-sale (POS) terminals, according to internal research, says Samsung, without any investment in new infrastructure required by merchants.

Samsung is an investor along with Visa and Synchrony Financial in LoopPay.

[Image courtesy: LoopPay]