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]