Smartphone maker aiming for the ‘smartest, most secure, user-friendly mobile wallet’ that will work with retailers’ existing point-of-sale terminals

US startup LoopPay describes itself as “the most accepted mobile wallet on the planet”. Now it belongs to Samsung, after being acquired to bolster the company’s efforts to compete with Apple Pay and other mobile payments technologies.

LoopPay’s technology helps retailers convert their existing magnetic-stripe readers into contactless payment receivers, with its app then used by smartphone owners to store their card details and pay for goods.

Related: Apple Pay on the way: why we may start shopping differently in 2015