Samsung paid $250M for Massachusetts based LoopPay, the tech platform that will power mobile payments on Samsung's Galaxy phones. Jason Del Ray (ReCode) got the scoop.
The plan is for Samsung Pay to work at the vast majority of U.S. stores since LoopPay’s technology mimics a card swipe, meaning it should work just about anywhere shoppers can currently pay with a credit or debit card. That’s different from how Apple Pay and Google Wallet work, both of which require a store to have upgraded its checkout equipment to work with a technology known as near field communication or NFC. Since NFC adoption is growing in stores, Samsung has said Samsung Pay will also be compatible with that technology. It’s not yet clear how Samsung’s NFC implementation will work on Android phones in the U.S., where Google and the major wireless carriers are partnering to pre-load Google Wallet onto the phones.