Samsung Reportedly Paid $250 Million To Acquire LoopPay

Samsung reportedly paid $250 million to acquire LoopPay

BY Rajesh Pandey

Rajesh Pandey

Rajesh is a 26-year old freelance writer from Kolkata, India. He loves to tinker around with his Android devices and flash custom ROMs on them....

All Articles by Rajesh Pandey

Published 14 May 2015

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A report from Re/code claims that Samsung paid about $250 million to acquire LoopPay. The Korean company had acquired the payment startup earlier this year before it unveiling its flagship handset for 2015 — the Galaxy S6 and Galaxy S6 edge.

After acquiring LoopPay, Samsung has used the technology from the startup for its own Samsung Pay mobile payment system. The service is due to be launched in the second half of this year in the United States and South Korea, with the Galaxy S6 and Galaxy S6 edge being the first devices to support it. Samsung Pay will make use of the fingerprint scanner on the Galaxy S6 and Galaxy S6 edge to authorize any transaction.

On paper, LoopPay’s technology seems to be superior to Apple Pay since it even works with payment terminals that don’t have NFC capabilities. The service, however, will also support NFC based payment terminals. Whether the service will be better than Apple Pay or not is something that only time will tell.

[Via Re/code]