Samsung has purchased U.S. mobile payments firm LoopPay, giving the South Korean electronics company a strategy to compete with Apple Pay. It looks like a new mobile payments solution will be introduced on March 1, during Samsung's Galaxy S6 smartphone event.
Unlike Apple Pay, LoopPay's solution can convert traditional point-of-sale (POS) systems so they are able to accept contactless payments. Customers tap their smartphone next to a LoopPay card reader connected to the POS, with Samsung saying 90 percent of current systems support the mobile payment technology.
"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, co-CEO and head of Samsung's mobile business, said in a public statement.
The mobile payments industry still has a long way to go before becoming mainstream, but there is definite interest from tech companies.