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In what was probably the worst kept secret in the industry, #Samsung acquires @LoopPay

by on February 19, 2015 in Apps, Google, Latest News, Lead Article, Nuggets, Retail News, Social Media

Samsung has acquired LoopPay, the companies announced today.

Bryan Yeager, analyst at eMarketer

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.

 

 

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