Samsung has acquired US-based m-commerce company LoopPay, sparking the tech company’s push into mobile payments.
This new purchase puts Samsung in good stead to go head-to-head with its main competitor’s platform, Apple Pay, reports the Guardian.
LoopPay aims to help retailers turn magnetic-strip readers already in-place into contactless payment devices. A companion app can then be used to store card details, allowing shoppers to use their mobile to pay for products.
It has been reported that the m-commerce technology will be a main feature of the upcoming Samsung Galaxy S6, however we may not know until the device is unveiled in March.
Apple’s payment platform is one of the main features that sets the iPhone aside from its South Korean competitor. The new addition to its tech portfolio couldn’t come at a better time, as Apple is currently signing retailers and financial firms in the US for the Apple Pay tech.
JK Shin, president and head of IT and mobile division at Samsung, said: “This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce.
“Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.”
In other Samsung news, following the revelation that its smart TVs send voice data collected to third party companies, it has now been revealed that the data is not encrypted, even though Samsung claimed otherwise.