CardWeb.com’s CardData database of Company Profiles today features LoopPay.
A major development for Samsung as it agreed to acquire LoopPay. LoopPay is accepted at more merchants than any other digital wallet solution.
LoopPay has ankled two new OEM partners that will embed its technology into their products to let consumers turn their smartphones into mobile wallets. LoopPay is also working with chipmakers to embed LoopPay’s technology and security into silicon, making it easier for future OEM partners to incorporate LoopPay into their devices.
Boston-based LoopPay says its new LoopPay Card and CardCase enable secure mobile payments at 40X more locations than Apple Pay. The new products are usable at more than 10 million merchant locations in the U.S.
LoopPay announced that it has received an investment from Visa, part of a larger strategic funding round for LoopPay. LoopPay invented Magnetic Secure Transmission™ (MST) technology which leverages existing point-of-sale infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants. MST aims to reduce reliance on magnetic stripes to store and transmit cardholder data, and instead uses a secure chip to store and transmit data to existing POS terminals via a small low-cost inductive loop that could be embedded in a variety of devices, including smartphones.LoopPay will also work with card issuers and app developers through its SDK to leverage its platform to enhance consumer commerce experiences via mobile. It also has its own LoopPay app, LoopWallet, to help users store and organize all their payment cards, membership cards, ID cards and rewards cards, helping users carry fewer plastic cards with more convenience and better security than traditional physical wallets.
Synchrony Financial announced its strategic investment in LoopPay mobile payments platform. LoopPay recently introduced the LoopPay ChargeCase, which allows consumers to pay with their iPhone 5 or 5s at regular credit card swipe readers, while extending the phone’s battery charge by up to 60%. It is the second product launched by LoopPay in four months, with several more products planned for market entry this year. LoopPay technology enables existing point-of-sale infrastructure to accept contactless payments through mobile devices at the vast majority of retail merchants. Synchrony Financial views LoopPay as an opportunity to close this gap for its retail partners and their customers while offering an enhanced consumer experience and additional security features.
LoopPay made available the LoopPay ChargeCase. This iPhone charge case enables secure mobile credit card transactions while extending battery life. The ChargeCase allows consumers to leave their wallets and charging cables behind for the day while gaining the ability to pay with their phones just about everywhere they shop or dine. The mobile payments market is poised for growth, but consumers have not adopted any of the mobile wallet solutions to replace their existing physical wallets due to the inability of previous mobile payment technologies to find wide acceptance at most retail locations. LoopPay technology turns existing magnetic stripe readers at nearly every point-of-sale terminal into contactless payment receivers without any changes to existing merchant infrastructure. The LoopPay ChargeCase is compatible with iPhone 5 and 5s devices and delivers about 60 percent additional power to the standard iPhone battery. Even when the ChargeCase is depleted after transferring charge to extend the phone’s battery, it still has sufficient power to perform more than 100 mobile transactions. T
LoopPay, Inc. announces today the availability of the LoopPay ChargeCase, the world’s first iPhone charge case that enables secure mobile credit card transactions while extending battery life. LoopPay delivers the world’s first mobile payment solution that is accepted almost everywhere, and can effectively replace traditional wallets. The ChargeCase is the second product LoopPay has introduced in four months, with several more products planned for market entry this year. LoopPay invented the world’s first mobile wallet app that allows consumers to securely store all their cards and pay with their Loop Ready devices (accessories, smartphones, smart watches) virtually everywhere.
LoopPay made available its LoopWallet app for Android at the Google Play Store. The free LoopWallet app for Android now significantly expands the number of consumers who can store all their cards on their phones and pay faster at just about anywhere they shop with Loop Ready™ devices. The first Loop Ready device available for Android users is the Loop Fob for $39. Additional Loop Ready devices in different form factors will be released throughout this year. Loop is also working with OEMs to embed its patented technology directly into a variety of products including smartphones and smart watches in 2015. Without the critical mass of merchants accepting NFC or other solutions from barcodes to Bluetooth, users won’t change their habits and leave their plastic cards behind. Loop allows users to securely swipe-in or scan-in all their plastic cards, and to securely transmit mag stripe card data directly to almost every POS system today without any changes to the merchants’ current infrastructure.