Samsung gets wallet out for LoopPay

Feb 19, 2015 • Robert Lavine

Samsung acquired the mobile commerce technology provider for an undisclosed sum, giving exits to Visa and General Electric subsidiary Synchrony Financial.

Electronics manufacturer Samsung agreed yesterday to acquire US-based mobile wallet technology producer LoopPay for an undisclosed amount, providing exits to payment services provider Visa and industrial conglomerate General Electric.

LoopPay’s technology allows magnetic stripe card readers to be converted into mobile contactless receivers. Its digital wallet can store and use a range of cards from credit and debit cards to gift and loyalty cards.

Visa made its investment in LoopPay in July 2014, following a similarly undisclosed amount of…

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