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Samsung Electronics to buy LoopPay

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LoopPay
Samsung   A bid to compete aggressively with Apple pay

Samsung Electronics agreed to acquire mobile-payment service startup LoopPay, Inc. for an undisclosed sum, in its bid to compete aggressively with Apple pay service.


The acquisition will also pit Samsung against other technology giants with mobile payment services such as Google and eBay.

"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," said JK Shin, president and head of IT and mobile division at Samsung Electronics.

Following the closure of the deal, LoopPay will become a wholly owned subsidiary of Samsung Electronics America, Inc., and its founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung's mobile division.

"We are excited to join the Samsung family to continue our goal of making smartphones trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce," CEO Graylin stated.

LoopPay will continue to operate as an independent team from Boston, Massachusetts.


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