Samsung Buys Apple Pay Rival

Samsung confirmed its purchase of mobile pay startup LoopPay this week, aligning the company to compete with Apple's mobile payment solution, Apple Pay. Sources say that Samsung will unveil their new mobile payment feature on March 1st, which is the date that the Galaxy 64 smartphone is set to launch. According to CNET, "LoopPay's technology turns existing card magnetic strip readers into contactless payment receivers, making it easy for retailers to accept mobile payments without changing their existing point-of-sale terminals." Read more about Samsung's upcoming mobile payment app, and how it differs from Apple Pay here.