Image Credit: Screen shot/LoopPayy
Apple Pay may have a new competitor in the mobile wallet space.
Today, mobile payment startup LoopPay revealed it has been purchased by Samsung electronic for an undisclosed amount.
Samsung was said to be in talks with the LoopPay back in December, but now it looks like the two struck a deal, according to a letter on LoopPay’s website. The note says that the company is now a subsidiary of Samsung Electronics America:
“With our earliest supporters at our side, we have been at the forefront of contactless payments to create a platform that brings together issuers, merchants and consumers that facilitate a seamless and rewarding digital wallet experience. We will continue to innovate and operate as an independent team from Boston, Massachusetts.”
LoopPay’s payment solution is essentially a souped-up phone case with an embedded chip capable of sending transaction data to most point of sale terminals. Meaning merchants don’t need to buy a new system or learn new software in order to accept LoopPay. According to its website, LoopPay works at 90 percent of merchant stores — a more than any other mobile wallet on the market.
The company goes to great lengths to tout the breadth of its use case. LoopPay’s website even has a section called “LoopPay vs. Apple Pay” where the company itemizes the ways it which its product is superior to Apple’s.
The company had a total of $13 million in funding before taking an investment from Visa in June of last year. The terms of that deal were also not disclosed.