(Bloomberg)—Samsung Electronics Co. is acquiring LoopPay Inc., a company that develops technology for turning credit-card readers into wireless payment terminals, as it stakes out a position in the growing mobile-wallet industry.

LoopPay has technology that turns 90% of credit card payment machines into devices that can accept mobile payments, Samsung said in a statement Wednesday. While Samsung’s top-of-the-line smartphones have the wireless technology necessary for mobile payments, LoopPay makes it easier for retailers to accept payments via smartphones. Samsung didn’t disclose terms of the deal.

Apple Inc. is promoting its own technology, called Apple Pay, as a way for owners of the iPhone 6 and 6 Plus to pay for goods and services. While people may have smartphones that can be used as mobile wallets, not all stores have terminals to accept such payments. Still, the platform is starting to gain ground, with the White House announcing last week that Apple Pay will be enabled for U.S. federal-payment card users. Other companies competing in mobile payments include Google Inc., with Google Wallet, and EBay Inc.’s PayPal.

“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce,” Shin Jong Kyun, president and head of the IT and Mobile Division at Samsung Electronics. “Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.”