By Minda Smiley

Samsung is to acquire mobile wallet provider LoopPay whose technology turns existing magnetic strip readers into secure and contactless receivers, for an undisclosed sum.

As part of the acquisition, LoopPay founders Will Graylin and George Wallner will work closely with Samsung’s Mobile Division. The two companies already had an existing relationship, with Samsung first identifying the potential for LoopPay’s technology when itbecame a strategic investor.

The investment, facilitated by Samsung’s Global Innovation Center, helped fund LoopPay’s patented Magnetic Secure Transmission (MST) technology.

LoopPay has claimed it works at around 90 per cent of retail locations while Apple Pay works at less than 5 Read full story ›

Source: The Drum