Samsung announced today that is has agreed to acquire mobile payments company LoopPay.
LoopPay was founded in 2012 in Boston. LoopPay’s patented Magnetic Secure Transmission (MST) technology turns existing mag stripe readers into mobile contactless receivers without any changes or costs incurred by merchants or their payment processors.
Financial details of the deal were not disclosed.
Samsung President and Head of Mobile, JK Shin said that the acquisition is about pushing his company's place in the mobile commerce space.
"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,” Shin said.
According to a blog post by LoopPay founder Will Graylin, his company will continue to operate as an independent team under Samsung.
Prior to Wednesday's announcement, reports had already begun circulating that Samsung would be including LoopPay on its next flagship smartphone, the rumored Galaxy S6.