Samsung Buys LoopPay

Samsung has recently announced that they are purchasing LoopPay as it looks to bolster a mobile payments product. LoopPay is similar to Apple Pay as it offers a mobile wallet that allows wireless payments to take place on existing magnetic stripe readers. Compatibility for LoopPay is already available at 90% of retailers across the US, the company says. Assumedly, Samsung is looking to build out its own mobile wallet to take on Apple Pay.