Samsung Electronics has become the latest big company to get into the mobile payments game, acquiring US startup LoopPay in an effort to counter Apple Pay, Google Wallet and the various other solutions being offered to consumers.

Samsung was already working with LoopPay on a way of integrating the companys Magnetic Secure Transmission (MST) technology into its phones, and the acquisition seems to be a solid indicator that the firm will be launching some form of mobile payment system in the near future.

LoopPays MST technology creates magnetic fields similar to those generated by the magnetic strip on a credit or debit card, and can be used to effectively turn card readers into contactless payment devices without the need for any modifications.

Currently, the company produces small peripherals that work with an app to transmit credit card information, although its possible Samsung will look to integrate the technology directly into handsets. There has been speculation that Samsungs flagship Galaxy S6 smartphone, to be launched next month, could include mobile payments technology.

According to the Massachusetts-based startup, the MST technology will work with 90 per cent of existing POS terminals, which would give any solution using the tech a massive advantage over NFC-based alternatives.

“LoopPay is focused on delivering a digital wallet solution that is dependable for consumers around the world, one that provides more value from card issuers and the merchants that serve them,” said Will Graylin, CEO and co-founder of LoopPay. “We are excited to join the Samsung family to continue our goal of making smartphone trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce.”

Graylin and co-founder George Wallner will continue to work closely with Samsungs mobile division. A price for the acquisition has not been disclosed.