Samsung is set to stay ahead of the competition, after announcing it has bought the “most accepted mobile wallet on the planet”, LoopPay. The two technological innovators are hoping to take on the likes of Apple, as technology brands in 2015 must battle it out to stay ahead of the game.
LoopPay has already taken the US in full form, after originating in Boston in 2012. The company aims to provide society with the, ‘smartest, most secure, user-friendly wallet”. The inventive gadget allows retailers to turn in-store payment terminals, that you can usually only swipe, into contactless readers. This will provide its time poor consumers to purchase products with ease, by remaining the only solution that stores thousands of credit and debit cards from all banks and issuers.
LoopPay founders and payment industry entrepreneurs, Will Graylin and George Wallner, will work with Samsung’s mobile division to further develop the Magnetic Secure Transmission Technology (MST) for Samsung customers. Samsung is confident that the new venture will be a positive move towards developing the future of mobile technology, as JK Shin, President and Head of IT and Mobile Division at Samsung Electronics stated:
“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.”
The procurement hasn’t just excited Samsung , others are eager to see the opportunities the collaboration will unfold. Businesses worldwide will benefit from the ease with which customers will be able to make payments. Margaret Keane, President and CEO of Synchrony Financial, an investor in LoopPay said, “Our goal is to offer valuable products for our clients, service providers, and our customers. We look forward to working with LoopPay and others to deliver secure mobile payment solutions for all our 60 million active accounts”.
The news comes as Bloomberg has announced that competitor Apple is planning to develop an electric vehicle by 2020, with hopes to compete in the same field as A123. The development will provide the brand with a new department, highlighting the need for technology brands to find new niches to ward off rival brands. In an age where customers demand unprecedented products, both Samsung and Apple are fighting to stay ahead of the game.