In December 2014, a rumor cropped up that suggested Samsung was eyeing LoopPay, a major contactless mobile payments company in a bid to get their name out there in the growing market.

Several months later, Samsung has announced via a press release that they have, indeed, purchased LoopPay for an unknown sum of money. Many of the key details are unknown as of the time of this writing, but it is known that George Wallner and Will Graylin, founders of LoopPay, will transition over to the Samsung mobile division and continue work there.

LoopPay has a very broad scope, as it can work on any magnetic strip card reader found in many stores around the world. LoopPay works by transforming the standard magnetic strip card reader into a contactless mobile payments receiver, so if Samsung does indeed make a big push for contactless payments, LoopPay is a strong name in making that happen. Moreover, considering it’s Samsung, it could give a major push for Android and mobile payments, despite the fact that Google Wallet, and several other alternatives, have offered it for quite some time.