Load Your Wallet Into Your Smartphone With Loop


Loop3Loop first came about back in October 2013 when it was launching its Kickstarter campaign. They invented the first mobile payment app that is accepted everywhere. Unlike other mobile payment services, such as Isis, Square, or Google Wallet, the idea was different than most Near Field Communication (NFC) payment systems. This is a hardware device that allows both your smartphone fob (a type of security token with built-in authentication mechanisms) or card case to act as your credit card by using technology that already resides into most point-of-sale systems. Since then, the mobile payments startup reached a good 10 million in funding, and they sure have kept busy. Just this week, Loop announced its iOS LoopWallet app, which serves as a secure rolodex for all of your credit, debit, gift, ID, and loyalty cards. Additionally, interested buyers will have a chance to buy the Loop's first product, the Loop Fob and ChargeCase, corresponding devices that use a magnetic induction loop.

Loop1The way it works: Your smartphone is now your wallet. Although Loop's allure is far more intricate than that, the way it works happens to be pretty simple. You swipe all your cards into the fob dongle, then the companion LoopWallet app pops up and allows you to authorize and organize all of them. The fob now has all your payment options. Therefore, feel free to leave your wallet at home and attach the dongle to your keychain. Once you're ready to purchase something, choose the desired card via smartphone app, then just tap the fob against the merchant's card reader. The terminal accepts Loop immediately because it carries all the same information maintained inside of a credit card's magnetic strip. This is Loop's patented Magnetic Secure Transmission technology, which sends out a burst of data "tricking" POS terminals.



Loop2Loop's magnetic algorithm has the highest level of payment card security. It can automatically lock after a specified amount of time, and requires your pin and password to unlock. It also identifies you during each signing process, completely blocking criminals from swiping other people's cards into their device. The Fob and ChargeCase (an enhanced phone cover) are the first devices that Loop allows payments through, but they aren't the last. Soon to be compatible with smartwatches and other smartphones, Loop already works at tens of millions of places today. The Loop Fob is officially available for $39 from its website, and the LoopWallet companion app is a free iOS download in Apple's App store. Android versions should begin April 2014.

Topics: Technology News Gadgets & Peripherals Inventions & Innovations Smartphones & Mobile Devices Storage & Cloud

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