(Digital Marketing Agency, thesnsgroup.com)- South
Korea’s Samsung Electronics Co Ltd has finally completed the acquisition of mobile
payment service provider LoopPay, whose technology is capable of turning
existing magnetic-stripe readers into secure, contactless receivers with no
investments in new infrastructure required by merchants.
Terms of the deal remain undisclosed, while the move
comes as Samsung are seeking to gain a share in the mobile wallet market, which
its bitter rival Apple Inc. recently entered with Apple Pay, an
app allowing iPhone users to pay for anything at the tap of a button using
near-field communication (NFC).
Samsung was already an investor in LoopPay, along with
Visa Inc and Synchrony Financial.
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