Tag: visa

Mobile payments firm wins funding from Visa

| August 1, 2014

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.

New mobile commerce platform launches in Spain

| June 19, 2014

Yaap introduces new mobile platform that aims to bring more convenience to online shopping

Yaap, a joint venture from CaixaBank, Banco Santader, and Telefonica, has launched a new mobile commerce platform that is designed to give consumers direct access to merchant offers. Using the platform, which is called Yaap Shopping, consumers will be able to automatically redeem special offers when purchasing products from their mobile device. This is meant to bring more convenience to the mobile shopping realm, which may make the platform more attractive to consumers.

Convenience determines whether or not mobile platforms are successful among consumers that favor online shopping

Convenience is in high demand among mobile consumers. People want to be able to easily use their smartphones and tablets to purchase products online. Convenient services are often rewarded with long lasting consumer support, while those that are difficult and cumbersome to use are typically forgotten within a matter of weeks. Mobile commerce is an incredibly competitive sector, so businesses are constantly working to introduce platforms that take convenience into account when engaging consumers.

Yaap Shopping platform aims to provide consumers with access to direct and discounts and special product deals

Mobile Commerce - SpainYaap Shopping aims to unify tens of thousands of businesses throughout Spain. The platform is designed to make these businesses immediately accessible to consumers and supports any Visa and MasterCard card that is linked to the platform itself. The offers that are accessible through the platform are direct discounts being offered by merchants and product offers that promote specific brands and the merchandise they are responsible for.

Yaap introduces cloud-based technology to Spain’s prominent banks

Yaap has incorporated its mobile payments technology into every point-of-sale system coming from Banco Santader and CaixaBank throughout the country. These systems are now making use of Yaap’s cloud-based engine that is responsible for accessing consumer financial information. This technology also keeps track of consumer shopping behavior, making it easier for the Yaap Shopping platform to provide consumers with special deals that are being offered by the merchants that they favor. The system is designed to apply discounts automatically at the time of purchase.