Samsung Ready to Go Head to Head With Apple Pay

Samsung is ready to challenge Apple Pay.

The Korean electronics company announced today it is buying mobile payments start-up LoopPay, setting up another head-to-head match-up with its perennial rival.

In its current form, LoopPay is available as a phone case or a key fob. However, the acquisition sparks the possibility that the technology could be integrated into one of Samsung's future smartphones.

"Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal," said JK Shin, president of Samsung, said in a statement.

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