The amount of the transaction was not disclosed.
LoopPay will join Samsung to strengthen its efforts to provide users with reliable mobile wallet solutions. As part of the acquisition, LoopPay founders Will Graylin (CEO) and George Wallner will work closely with Samsung’s Mobile Division.
Founded in 2012, LoopPay has developed patented Magnetic Secure Transmission™ (MST) technology that turns existing mag stripe readers into mobile contactless receivers without any changes by merchants or their payment processors. Its digital wallet can store and use a wide variety of mag stripe cards including debit and credit cards, private label cards, gift cards loyalty cards and rewards cards.
Samsung, Visa and Synchrony Financial were investors LoopPay.