JP Morgan: Samsung's Acquisition Of LoopPay Is Good News For Apple

In a report published Wednesday, JP Morgan analyst Rod Hall discussed

announcement that it has agreed to acquire LoopPay, a mobile wallet solutions provider that turns existing magnetic stripe readers into contactless receivers. Hall wrote that if Samsung decides to propagate this technology, it will be good news for

as it would expedite the creation of a larger NFC compatible payment infrastructure. However, the analyst also added that payment network operations are already forcing a move to contactless payments by raising transaction fees for merchants who don't already provide contactless terminals Shares of Apple closed Wednesday at $128.71, up 0.7 percent.