Tag: LoopPay mobile payments

New technology could make mobile payments even more convenient

LoopPay’s new technology is meant to make mobile commerce more accessible to a winder range of consumers and businesses

LoopPay, a mobile commerce firm, may be able to make mobile payments more convenient with its new technology. The firm has developed a  small copper loop that is meant to be affixed into a smartphone case or other accessory. When an alternative current is sent through this loop, it can communicate with standard payment systems, such as those used in retail stores to accept credit and debit card payments.

Cooper loop can give nearly any mobile device the ability to make payments in physical stores

The simple copper loop has the potential to make mobile payments much more simpler than they had been in the past. Most modern mobile commerce platforms rely on NFC technology, which allows a mobile device to send digital information over a short distance. In order for retailers to accept NFC-based mobile payments, they must have a point-of-sale system that is equipped with NFC technology. For many retailers, investing in this technology is an expensive endeavor, which is why so many have avoided the mobile commerce field.

New technology could reduce the need for NFC

LoopPay’s new technology can remove the need for these investments, enabling businesses to accept mobile payments with their existing point-of-sale systems. This technology can also provide those without NFC-enabled smartphones a way to pay for products in physical stores without having to use payment cards or physical currencies. These payments would be processed through LoopPay and the simplicity of this service could make the firm much more competitive in the mobile commerce field.

Rumors suggest that LoopPay has begun working with Samsung

Rumors have begun to circulate about LoopPay’s potential partnership with Samsung. According to these rumors, the two companies are working together on a mobile commerce platform that Samsung plans to launch in the near future. Other rumors suggest that the new technology from LoopPay will be incorporated into Samsung’s next smartphone, potentially the Galaxy S6. Neither company has confirmed working together, however, and these rumors remain little more than speculation.

Mobile wallet investment into LoopPay by Visa

The credit card giant has now backed the smartphone payment solution that is accepted at most POS terminals.

It has now been announced that Visa is investing into LoopPay, which is a mobile wallet app that is designed to provide consumers and retailers with a mobile payment solution that is already accepted at a majority of point of sale terminals among retailers.

The LoopPay mobile app has been created to allow people to make mobile payments with smartphones.

This eliminates the need for those consumers to have to bring their plastic credit cards with them because they can use the mobile wallet within their device to pay with those cards in a digital manner, instead. The app uses a traditional setup for a smartphone based payments service, and provides the consumer with a small dongle that plugs into the device in order to allow users to be able to swipe their virtual cards when they reach the cash register to pay for their products at a retailer’s checkout counter.

In this way, the LoopPay mobile wallet doesn’t require any changes to be made to the retailer POS terminals.

Mobile Wallet - Visa InvestmentTo work with the LoopPay mobile payments software, retailers can simply continue to use the point of sale terminals that they already have. This helps to be able to span the gap that is currently present in the majority of smartphone based wallet services in the United States retail market.

Typically, in order for retailers to be able to receive mobile payments, they would have to change their terminals in order to accept some specific form of technology. At the same time, those that already accept certain types of smartphone friendly tech, such as NFC technology based readers, are compatible with only a small percentage of devices that are currently used by consumers.

As this service allows retailers to keep their systems and simply provides consumers with a dongle to use, this overcomes the compatibility challenges that have existed among many mobile wallet services until now. In this, Visa has already announced that it is upgrading its VisaCheckout program. Therefore, their investment into LoopPay will give the company the opportunity to make an even larger impact on the smartphone payments sector.