Samsung has finalized its acquisition of LoopPay, a startup company specializing in mobile payment systems. It really does appear now that the South Korean tech giant is making a move to compete directly with Apple Pay, the mobile payment system developed and released by Apple last year.
No details regarding the terms and conditions of the buyout were revealed when Samsung announced the buyout just recently. But the South Korean phone maker did state that considering past collaborations between Samsung and LoopPay, the acquisition of the startup is not entirely unexpected.
Last Tuesday, Re/code reported that Samsung is in talks with startup company LoopPay in launching its own mobile payment platform sometime in 2015.
According to sources, the South Korean mobile giant's system would be similar to Apple Pay, the mobile payment system which Apple developed and launched just this year. Like Apple Pay, Samsung's payment platform would let owners of Samsung devices to authorize credit card purchases at retail establishments.
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