Samsung gets serious about mobile payments by purchasing LoopPay

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Today, Samsung has announced that it’s acquiring LoopPay, a mobile wallet provider that allows wireless payments to take place on existing magnetic stripe readers. The announcement didn’t disclose the sale price, but said that LoopPay’s founders will join Samsung’s mobile division to push forward the “next wave of innovation in the digital smart wallet.” Samsung had previously partnered with LoopPay but says the acquisition will help take it to the “next level” and would mean its solution is more widely accepted than competing services due to the technology working with existing point-of-sale products. LoopPay_touts 10 million merchants using its platform…

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