Samsung Acquires LoopPay In Effort to Counter Apple Pay
It looks like Samsung is developing their answer to Apple Pay:
South Korea’s tech giant Samsung Electronics Co. said Thursday that it has bought U.S. mobile technology firm LoopPay Inc., a move apparently aimed at making inroads into the mobile payment technology market against its rival Apple Inc.
“Samsung has made efforts to provide safe and convenient mobile payment service,” said Shin Jong-kyun who heads the mobile division at the Seoul-based company. “The acquisition will spur up the company to lead the world mobile commerce market.”
LoopPay has patent rights related to magnetic secure transmission, a payments solution that works with the existing magnetic stripe readers. [Yonhap]
You can read more at the link.
“a payments solution that works with the existing magnetic stripe readers.”
“South Korea’s tech giant Samsung Electronics Co. said Thursday that it has bought U.S. manufacturing firm
Vacuum Tube Industries Inc., a move apparently aimed at making inroads into the electricity switching market against its rival Transistor Technologies Inc.”
It’s like Time Warner gloating they had the dial-up internet market cornered by merging with AOL.
“Samsung Acquires LoopPay In Effort to Counter Apple Pay”
Huh? Here, I’ll fix it for you ~
Samesux Acquires LoopPay In Effort to Copy Apple Pay