Samsung announced that it is going to buy the US-based mobile wallet startup LoopPay, whose technology can work with most of the retailers' existing POS (Point of Sale) terminals, according to the company's press release on February 18. Unlike the NFC (Near Field Communication) technology, LoopPay's patented Magnetic Secure Transmission (MST), which is funded by Samsung and other strategic partners, can turn existing magnetic stripe readers into mobile contactless receivers without any changes or additional costs. LoopPay founders, Will Graylin and George Wallner, will work with Samsung's Mobile Division after the acquisition. However, the financial details of the transaction are yet to be disclosed.