Samsung bought mobile payment company LoopPay

LoopPay technology allows using traditional magnetic credit card readers for mobile payments. Given the widespread distribution of such terminals, instant capture of a huge piece of the market is provided. Theoretically, the system can work in a much larger number of places than Apple Pay, which requires special payment terminals for operation.

Samsung does not voice the price of the transaction.

According to last year’s Re / code report, Samsung planned to include LoopPay technology in the upcoming flagship phone model, for our reasons the most likely model would be the Galaxy S6.

LoopPay CEO Grailin has confirmed the integration of technology into the company's smartphones. On March 1, Samsung will officially unveil the Galaxy S6 at an event in Barcelona.
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Because of the ability to work with standard magnetic credit card readers, the device with integrated LoopPay technology will be convenient to use in a much larger number of outlets than devices with Apple Pay and Google Wallet, which require special NFC readers. LoopPay staff claims that the system works fine in about 90% of places that accept credit cards.

LoopPay will also attract retailers who don’t have to spend on additional equipment.

Offline merge is already posted on LoopPay.