Samsung's LoopPay Aims To Take On Apple Pay
Samsung has acquired mobile-payment startup LoopPay, which could have a wider reach than Apple Pay.By Ben Lawson | February 19, 2015
Mobile payments are still very much in their infancy, but that hasn’t stopped tech companies from aggressively expanding their efforts in the field.
The latest move comes from Samsung. The South Korean company recently acquired LoopPay, a mobile payment startup that might have a wider reach than Apple Pay.
That's because LoopPay estimates its system is accepted at more than 90 percent of U.S. payment terminals. LoopPay works using a magnetic signal that mimics the strip on traditional credit cards. That means it works on most existing traditional payment machines.