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Samsung challenges Apple Pay by buying LoopPay

Faster payments via Samsung devices are a step nearer as they buy contactless payment company LoopPay.

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The Boston-based technology company has signed an agreement with Samsung to become a wholly-owned subsidiary of Samsung Electronics America, which should pave the way for Samsung to start using LoopPay on their smartphones.

LoopPay was set up in 2012 by Will Graylin and George Wallner in a bid to create a contactless payment system that could be used in as many places as possible. Three years later it is accepted by 90 per cent of the USA’s merchant locations thanks to the use of a credit/debit card style magnetic strip receiver.

It is currently the most accepted mobile payment system in the world, which is why Samsung has moved to bring it into the business and incorporate it into their phones. Apple Pay is currently the main competitor to LoopPay in the mobile payment market, with Google Wallet a long way behind.

Samsung are clearly hoping that an easy-to-use system will be a way of luring customers back to the company, which has seen market share dwindle in recent years. Will the presence of LoopPay change your next smartphone buying decision? Comment and let us know.

To get the lowdown on the best flagship phones on the market, check out Android magazine issue 48, in stores and online now.