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Don't Be a Square, Stay in the 'Loop'

Mobile Commerce Insider Featured Article

May 14, 2014

Don't Be a Square, Stay in the 'Loop'

By Maurice Nagle
TMCnet Web Editor

The eagerly awaited arrival of LoopWallet for Android (News - Alert) is upon us, as LoopPay, Inc. announced today the release of its Android app. The free app, coupled with the Loop Fob, offers ease of purchase at over 90 percent of retail locations. iPhone (News - Alert) users have been enjoying this luxury since February, and now it’s Android’s turn. 

LoopWallet affords users the ability to store credit and debit cards as well as gift and/or loyalty cards.  The LoopWallet is available now for download, once downloaded, it is as simple as swiping the card through the magnetic strip on the Loop Fob and one’s payment information is securely stored.

“Loop users are making history as they embark on an exciting new era of secure smartphone-enabled payments. Loop gives users an intuitive way to simplify and organize their wallets. Just download the free LoopWallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world,” said Will Graylin, CEO of Loop.

The LoopWallet offers the highest level of industry security, payment card data is stored within the Loop Fob, and the stored payment data is encrypted and saved on dedicated hardware secure memory.  Another feature of Loop’s security measures is its resistance to those trying to clone your cards, with very purchase made a dynamic number is generated, making it virtually impossible to copy your payment information.

Graylin and George Wallner founded Loop, both with proven success in the payment industry.  Early speculation placed Loop at the head of the mobile payment provider market, including Google (News - Alert) wallet.  Investor’s belief in their vision presented impetus for Loop’s $12 million raised in initial funding.  The power duo also took advantage of the phenomenon known as crowdsourcing via Kickstarter, quite successfully I might add. 

Loop is the first mobile payment option that offers the level of organization and security while allowing the user the ease of using a Loop enabled device virtually anywhere. 

“Loop is a true breakthrough, connecting consumers’ payment options directly to the smartphone, and allowing them to pay at more retailers, merchants and restaurants than any other solution on the market. We’re thrilled to be making this announcement today,” said Graylin.

Stay tuned, there is more to come—including a product review—on this exciting new technology.

Edited by Alisen Downey

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