Tag: mobile payments

One of the most attractive aspects of mobile commerce is its convenience. Smartphones and tablets let people make payments for goods and services wherever they happen to be at any given moment, and these people don’t even have to use a credit card or any kind of physical currency. Many mobile commerce platforms have been able to thrive because of their convenient nature. In the advent of wearable technology, that convenience could be taken to a new level.

Wearable devices, such as smart watches and glasses are on the verge of becoming quite popular with tech-savvy consumers. Few of these devices are currently available, but that is likely to change in the next few years. Current wearable devices are somewhat lackluster in their features, but devices being released in the near future will behave very similar to modern smartphones. They will be able to use a wide range of applications, some of which will change the way people see the physical world around them. They will also have access to mobile commerce platforms.

Unlike smartphones, wearable devices will be controlled in a more intuitive way. For smart glasses, voice controls and modest head and eye movements will be used to activate the features of a device. These devices will also be equipped with image recognition technology that could also be used to activate certain features. This could make commerce significantly more intuitive and responsive to consumer interaction. When someone can look at a product and make a purchase with nothing more than a blink of an eye, that is the epitome of convenience in the mobile commerce space.

Wearable devices aren’t perfect, of course. Using a simple gesture to make a purchase could lead to many problems, such as unauthorized transactions. This is not something that app developers are unaware of, and many are taking steps to ensure that their mobile commerce platforms will not be abusive in this way.

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

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.