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

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

(OTC:

) 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

(NASDAQ:

) 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.