Apple Pay may have a new competitor in the mobile wallet space.
Today, mobile payment startup LoopPay revealed it has been purchased by Samsung Electronics for an undisclosed amount.
Samsung was said to be in talks with LoopPay back in December, but now it looks like the two struck a deal, according to a letter on LoopPay’s website. The note says that the company is now a subsidiary of Samsung Electronics America:
With our earliest supporters at our side, we have been at the forefront of contactless payments to create a platform that brings together issuers, merchants and consumers that facilitate a seamless and rewarding digital wallet experience. We will continue to innovate and operate as an independent team from Boston, Massachusetts.