Loop, a smartphone-enabled commerce solution accepted at virtually every retail point-of-sale terminal, has announced the release of its LoopWallet app to U.S. consumers, making them the first in the world to rely on mobile devices as their primary method of payment instead of cards or cash. The LoopWallet app is now available at the Apple App Store, with an Android version planned for release in April 2014. Loop is also offering the Loop Fob the first of many AppCessories that give users the ability to swipe and store their credit or debit, gift and reward cards into their smartphones with today’s most robust security safeguards.
“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. “It’s a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards.”
Loop integrates the highest level of Payment Card Industry (PCI) security, and can conveniently store all cards (payment, gift, loyalty, reward, ID, etc.). With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device. Partnering with payment card issuers, Loop’s technology can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card. Its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry – from smartphones to fobs, to charge cases, to smart watches, the possibilities are limitless.
Loop was founded by two payment industry pioneers, Will Graylin and George Wallner, both with proven track records of delivering widely adopted payment innovations. Loop was oversubscribed in its initial fund raising of $12M, owing to the enthusiasm that investors have for its potential to ignite mobile payments at the physical point of sale.
“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.