Loop Launches Wallet
Feb. 24, 2014
Loop, a Boston-based mobile payments company, recently launched its Loop Wallet app. Loop’s mobile payment solution enables payments at checkouts equipped with traditional mag-stripe readers. The Loop Wallet app stores any payment or loyalty card and enables a connected device to wirelessly transmit payment information to a mag-stripe reader. Loop developed a way to make the traditional POS hardware installed at virtually every store accept transmissions from a phone or accessory using a magnetic induction loop.
CEO Will Graylin, former CEO of mPOS pioneer ROAM Data, has been touting Loop’s technology in the press and at trade shows for a nearly a year and raised $12 million for the company in Series A financing. In additional to the wallet app that lets consumers store their payment and loyalty cards, Loop also launched the Loop Fob, a small piece of plastic that plugs into a mobile device and enables communication with the mag-stripe reader. The company plans additional form factors, including a charging case.
“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 Loop Wallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world,” said Graylin. “It’s a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards.”