Samsung to challenge Apple Pay with new purchase

Technology

According to the latest reports, Samsung is purchasing the mobile payment startup LoopPay as the South Korean mobile phone maker beefs up its rivalry with US leader Apple and its system for payment on iPhones.

The payment service LoopPay works by reproducing signals from the magnetic swipe of a user’s credit card as they tap a LoopPay device next to the card reader of the retailer.

Samsung Co.'s agreement to acquire LoopPay strengthens its rivalry with Apple. The Korean company didn't disclose the financial terms of the deal.

Taguri: Korean company, IPhones, apple, South Korean mobile phone maker, Samsung, Samsung Co.s agreement, US leader, Apple rivalr, Acquire LoopPay strengthens

Technology
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