In late 2012, George Wallner, a true engineer at heart, and Will Graylin connected two pretty big dots—smartphones and POS systems. By January 2013, Wallner had a repeatable process that redefined the user/smartphone relationship. The LoopPay Fob was born, and Wallner with his partner Will Graylin are not looking back.
As the Loop Team created prototypes and used the device more and more, it became quite obvious this technology is a game changer. The system’s Magnetic Secure Transmission (MST) turns a business’ existing magnetic stripe readers into mobile contactless readers without any additional cost—The Fob does all the work.
The Android and iPhone (News - Alert) landscape is ever-changing and Loop appears well ahead of the curve.
By the end of 2014, 1 in 10 smartphones had wallet functionality; a report from Juniper Research (News - Alert) projects that to jump to 1 in 5 by 2018. As familiarity with Mobile Commerce technology is growing, consumers and merchants are also becoming more educated and the environment is evolving. As a result, consumer behavior is also changing.
LoopPay’s vice president of Marketing, Greg Ewald told TMCnet in an interview, “We’ve been paying with our credit cards…giving our cards over and having them swiped, “ LoopPay is, “showing consumers they have another utility on or attached to their phones, that they can use to do something that is very near and dear to their hearts.”
Many people store their photo albums, music and other personal information—why not use a secure and convenient solution?
I had a chance to try out the device first hand for a few days, and overall I can say I have enjoyed using the Loop system. Despite the small hurdle of some business’ not having the proper technology, the system is user friendly, small enough to be carried around with ease and quite handy.
The device stores anything, from your driver’s license, insurance card, loyalty cards as well as credit and debit cards. It allows a user the ease of carrying their smartphone, a backup credit card and a photo ID (just in case) without having to carry a bulky wallet. If you lose the fob or fob case, it is one card to cancel, not your entire life.
The LoopWallet also offers peace of mind via its top notch security. It is pin and patent protected and requires an authentication process as well as a pin and password. All intimate data is encrypted and stored on the fob.
The user sets their default card setting—for instance, my default card was my debit card—so that card can be set to various levels of use (never/always). So, if the fob is lost or stolen, you know exactly which card(s) to cancel.
Another great feature I found was that the fob will NOT work without the registered smartphone, whereas if you lose your wallet the cash and cards are ripe for the taking.
Aside from its cutting edge security, the Loop System also offers, as Ewald would say, “Convenience with a capital C.” You are ready for anything. A perfect example: gift cards. We all have them, whether unused, sitting somewhere with next to nothing on them or lost.
Ewald stated there are, “$40-60 billion dollars worth of gift cards that are sitting in coats, and pockets and drawers at home because people just don’t want to add bulk to their wallet by putting all that stuff in there…they think that ‘next time I go shopping I’m going have this with me’…with our technology you’ll have them with you.”
LoopPay plans on releasing alternate form factors in the coming months, and is committed to continually improving the already stellar user experience.
After using the Loop system first hand, I have found that it is more than a wallet. And the more I use it, the more I agree with Ewald,”It’s the information you need when you need it, and you don’t have to worry about it.” I know I’m ready for anything, and there is certainly something to be said for that.
Edited by Stefania Viscusi
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