Looppay AH-6

Samsung Buys Mobile Payment Solution LoopPay For Undisclosed Amount

February 18, 2015 - Written By Phil Bourget

Samsung is not known for its wireless payments.  It shipped the first iteration of Google Wallet, the NFC-based payment solution on the Nexus S back in 2010, and featured Wallet on the next device, the Galaxy Nexus.  Since then, Samsung has continued to include Google’s wallet, as well as create their own S equivalent, S Wallet which obviously was linked to your Samsung account, and did basically the same thing.  But, the problem with Google Wallet, Softcard, or any NFC-based payment option is the need for special, and new, check-out hardware at stores and merchant stations to utilize the NFC capabilities of smartphones.  LoopPay, another payment option provider, announced their partnership with Samsung at CES which would introduce a LoopPay-enabled case for the popular 2014 flagship the Galaxy S5.  Little did we know that that might have been a hint at what happened today.

Today, Samsung has agreed to buy LoopPay and will likely incorporate its payment technology into the upcoming Galaxy S6.  LoopPay’s tech utilized the existing magnetic stripe reader on most payment terminals to have your credit card safely absent from the situation.  The concept is set to take on Apple’s recent addition of NFC and introduction of Apple Pay last fall inside the iPhone 6 and 6 Plus.  the big deal is this: the Galaxy S6 will have its own payment technology, and theoretically not use Google Wallet or its various competitors.  Similarly, this could be a way for Samsung to garner both attention and sales with the S6, and let users pay with Google Wallet, Softcard, and others like normal, just utilizing LoopPay’s technology instead of the traditional, if you could call it that, NFC method.

LoopPay’s technology will likely feel right at home in most stores with a card reader, but will it find its home inside the Galaxy S6 and S6 Edge?  Will it perhaps garner the right kind and amount of attention and support for the device and two companies to help them both succeed?  Do you think that the addition of a much more usable method of mobile payment system onto the next Galaxy S device will give it that edge, all puns aside, to get the sales that HTC or LG might miss after the devices are all announced and released after Mobile World Congress on March 1?  Let us know down below.