Samsung is going head to head with Apple’s contactless payment system after buying start-up LoopPay.
The South Korean electronics company has paid an undisclosed sum for the Massachusetts-based firm, whose technology mimics the swipe of a credit cardwhen users tap a LoopPay device with one of its keyrings or smartphone cases located next to a retailer’s card reader.
Crucially, this means LoopPay should work with most retailers’ existing payment terminals, unlike its main rival, Apple Pay, which requires new terminals fitted with wireless microchips.
Samsung claimed LoopPay’s technology should work in 90pc of existing retailers.
"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," said JK Shin, head of Samsung's mobile division.
David Eun, executive vice-president at Samsung's Global Innovation Center, said the deal will help Samsung "significantly accelerate our mobile commerce efforts".
The deal strengthens speculation that Samsung plans to include mobile payment technology in its next major smartphone, which is expected to be announced on March 1 at the Mobile World Congress in Barcelona.
Apple has already launched Pay, which allows customers to buy goods and services by tapping their iPhone 6 against a payment terminal, in the US but has not yet rolled it out to the UK.
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