Both companies have unveiled that LoopPay will become a wholly owned subsidiary of Samsung Electronics America. The terms of the deal were not disclosed.
LoopPay has built their payment system on top of the existing magnetic stripe payment infrastructure that currently exists in the US, rather than using NFC technology which can require waiting for retailer support and the purchase of new payment terminals for stores.
Therefore, LoopPay’s technology has the potential to work in approximately 90% of existing point-of-sale (POS) terminals, according to internal research, with no investment in new infrastructure required by merchants.
Currently the company provides several smartphone cases as well as a keychain fob, and these devices wirelessly interface with the magnetic stripe readers on payment terminals.
In recent news, LoopPay has unveiled that is planning to enter the Indian market 2015 with its patented technology that enables payment by placing mobile phones beside a normal card reader at retail stores.
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