Samsung paid £160 million for mobile payments service LoopPay

Samsung announced the acquisition of LoopPay earlier this year for an undisclosed amount, although most outlets priced the buyout at $100 million (£63 million). Turns out, Samsung might have paid more than double for the mobile payments service.

That’s according to Re/Code, who report Samsung paid $250 million (£160 million) for LoopPay. Samsung has not confirmed the report, although it would not be too shocking to see Samsung over-valuate a company, considering it needed a payments service to be competitive with Apple Pay.

LoopPay essentially removes a lot of the boundaries on mobile payments, by adding a small piece of hardware capable of working with any payments terminal. It removes the need for contactless NFC payment, which Apple Pay and Google Wallet uses.

Samsung added the technology in the Galaxy S6 and S6 Edge, showing it had partnerships with LoopPay stretching further back than a few months. Having the hardware without a special case will hopefully bring more people into the fold, who would otherwise not use Samsung Pay.

It is not live, but Samsung wants to have it available on all devices by the second half of 2015. That means phones like the Galaxy Note 5 will be able to utilise LoopPay immediately, assuming it works without too many faults.

Samsung has not been the best when it comes to software enhancements, S Voice has not been a particularly good voice recognition platform, the fingerprint sensor is still quite poor compared to Apple’s Touch ID and TouchWiz for years has been the pagan of Android skins.

It is getting better - the fingerprint sensor and TouchWiz were both improved this year to match the Galaxy S6 and S6 Edge - meaning the payments service will hopefully work at the first try.