Samsung Acquires LoopPay, Maker Of An Apple Pay Competitor http://t.co/KCBl5MDuJ5 via @TechCrunch pic.twitter.com/5vfcCr1rti
— Will Corry (@slievemore) February 19, 2015
Samsung has acquired LoopPay, the companies announced today.
Industry Comment : “Samsung’s acquisition of LoopPay signals how serious it is about building and launching a competitive mobile payments system in the United States,” said Bryan Yeager, analyst at eMarketer. “It also likely gives Samsung exclusive access to LoopPay’s technology, which enables mobile payments to be made at merchants who haven’t upgraded their point of sale technology to support newer contactless payment methods like NFC — of which there are many.”
– US mobile proximity payments — which we define as payments made with a smartphone at the point of sale in place of a credit card or cash — totaled $3.5 billion in 2014, according to eMarketer. We see 2016 as the tipping point for mobile payment adoption, when mobile proximity payment transaction value will increase significantly to reach $27.5 billion. By 2018, that figure will balloon further to $118.01 billion.
– There were 15.9 million US mobile proximity payment users in 2014, according to eMarketer. By 2016, that figure will more than double to reach 36.2 billion and total 57 million by 2018.
Samsung buys LoopPay, all but confirming it will launch a new Apple Pay rival http://t.co/uUwoT25q6f pic.twitter.com/5Id5bNnDvv
— CNET (@CNET) February 18, 2015