Tag: LoopPay

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.

Mobile payments firm wins funding from Visa

LoopPay has acquired funding from Visa for its ambitious and innovative technology

LoopPay, a mobile payments firm based in the U.S., has announced that it has won funding from Visa. The exact amount of funding that has been provided by Visa has not yet been revealed, but the funding is expected to be used to help LoopPay launch its new technology later this year. The firm’s Magnetic Secure Transmission (MST) technology may add yet another layer of security to mobile commerce while further bolstering the mobile payment infrastructure.

LoopPay technology makes use of magnetic trips rather than NFC chips

The technology leverages the magnetic strips that can be found on payment cards in order to process mobile payments. LoopPay has opted not to make use of NFC technology, despite its popularity in the mobile commerce sector. The new technology means that existing point-of-sale systems can be made more mobile-friendly, as most are fashioned to make use of payment card information. Reducing the technological boundaries that separate mobile commerce and traditional commerce could help consumers become more active in the mobile shopping field.

Firm’s services can be used by iOS devices

Mobile payments funding from Visa LoopPay provides a mobile application and case for iOS devices. The case is able to store and reach financial information, allowing iOS users to participate in mobile commerce relatively easily. The MST technology from LoopPay encrypts the financial information being transmitted to a point-of-sale system and this information is only available for a short amount of time before it is no longer readable.

LoopPay may have found a way to get people involved in mobile commerce without forcing them to embrace new and unfamiliar technologies

Mobile commerce has become a competitive field in many parts of the world. In the U.S., many mobile payment firms are introducing services that make use of new technology that is designed to disrupt traditional commerce. This can be difficult for consumers to embrace, however, as they have been comfortable with traditional commerce for years. LoopPay may have found a way to encourage people to participate in mobile commerce without having to embrace new and unfamiliar technology.