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Feb. 18, 2015 / 5:50 PM

Samsung to acquire Apple Pay competitor LoopPay

The new Samsung Galaxy phone is expected to incorporate LoopPay mobile wallet technology. File photo by Molly Riley/UPI

The new Samsung Galaxy phone is expected to incorporate LoopPay mobile wallet technology. File photo by Molly Riley/UPI | License Photo

SEOUL, Feb. 18 (UPI) -- In an attempt to compete with other mobile payment technologies like Apple Pay, Samsung bought wallet service LoopPay on Wednesday.

The startup mobile wallet service's technology is available for use in more stores than Apple Pay and Google Wallet. It's expected to be available in the forthcoming Galaxy S6 smartphone, which will be introduced in early March at the Mobile World Congress.

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Mobile wallet technology allows users to wave certain smartphones over an in-store device to pay for items instead of using cash or swipe a credit card.

LoopPay, which is based out of Massachusetts, allows the use of existing point-of-sale magnetic-strip card readers, which are already available in 90 percent of retail stores.

Apple Pay and Google Wallet use a more secure technology that is available in 220,000 retail stores that have newer point-of-sale terminals.

LoopPay has been around for about a year as an add-on attachment for phones, as well as a keychain fob.

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