Various reports suggest that South-Korean electronic leader Samsung has spent $250m to acquire LoopPay, one of the world’s largest mobile wallet companies.
Earlier in the year it was confirmed that Samsung acquired payments start-up LoopPay in an attempt to rival Apple and Google in the mobile payments sector, but no official figure was confirmed.
‘‘Our vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue. I’m most excited that Samsung shares this vision and has chosen to help change how we shop and pay for goods and services,’’ said Will Graylin, CEO of LoopPay during the announcement of the sale.
‘‘This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal,’’ stated JK Shin, president of IT and mobile division at Samsung.
Payment Eye then reported that Samsung is beginning to use LoopPay’s MST technology to allow Samsung Pay to compete with Apple Pay.
Samsung will be using LoopPay’s technology to enable it’s consumers to tap and pay with a new Samsung Galaxy 6 rather than using a credit card or cash.
Although there has been no real insight into the specifics of the acquisition financially, media outlets are reporting that Samsung has paid $250m for LoopPay.
A Samsung spokeswoman and Will Graylin both declined to comment when asked how much money was involved in the purchase.
There’s more signs of consolidation in the crowded European payments space with news that Stockholm-based iZettle is buying a company called intelligentpos.
MasterCard has bought Vocalink for £700m ($920m) in a deal that has been rumoured for months.
Oh, what we wouldn't do to know the future! Like Biff and the Almanac in Back to the Future, all we need is a guide. Luckily the team over at Pivotl is on hand to give us one for the future of fintech.
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