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Samsung Buys Mobile Payments Startup to Take on Apple Pay The South Korean tech giant has agreed to buy LoopPay, a mobile wallet service.

By Jason Fell

Opinions expressed by Entrepreneur contributors are their own.

With Apple Pay beginning to gain some traction, Samsung wants a piece of the mobile payments game. The South Korean tech giant has agreed to buy Mountain View, Calif.-based LoopPay, a mobile wallet service.

LoopPay says its technology "turns existing magnetic stripe readers into secure, contactless receivers." The company says its service has the potential to work in about 90 percent of existing point-of-sale terminals.

The companies did not disclose the financial terms of the agreement.

Related: Samsung Wants to Make Wireless Charging Mainstream With Latest Flagship Phone

As part of the deal, LoopPay founders Will Graylin and George Wallner will work closely with Samsung's mobile division. It will be interesting to see if Samsung plans to integrate LoopPay technology into its forthcoming flagship smartphone, the Galaxy 6.

The digital wallet concept really has yet to catch on, but is making progress. Since launching in September, Apple's Apple Pay service has gained signed fair number of partners, including a growing list of banks and credit unions, as well as food and retail shops like McDonald's and Foot Locker.

Related: Samsung Plans to Use Cash Pile to Fund Growth, Acquisitions

Jason Fell

VP, Native Content

Jason Fell is the VP of Native Content, managing the Entrepreneur Partner Studio, which creates dynamic and compelling content for our partners. He previously served as Entrepreneur.com's managing editor and as the technology editor prior to that.

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