LAS VEGAS--(BUSINESS WIRE)--LoopPay, Inc., the leading and most widely accepted mobile payment solution, today unveiled its new mobile payment accessory at Money 20/20, the industry’s global event for innovations in money. The new LoopPay Card and CardCase enable secure mobile payments at more than 10 million merchant locations in the U.S., 40X more than Apple Pay (only at approximately 220,000 locations).
Finally, Leave Your Wallet At Home
LoopPay supports cards from thousands of banks and credit unions, as well as merchants like Target, Macy’s, Starbucks and Walmart. Consumers can truly leave their traditional wallets at home by securely loading payment cards, gift cards and loyalty cards or scanning in their ID and membership cards, insurance cards, etc. to reduce the plastic cards they carry. To give complete peace of mind, the LoopPay CardCase comes with a hidden compartment to store a driver’s license and a backup payment card.
The LoopPay Card can be used on the phone or can slide out of the case to hand to waiters or clerks rather than handing over the mobile phone. The consumer is also notified on their phone each time a transmission is initiated from the LoopPay Card.
Rated #1 Mobile Wallet Solution
The LoopPay CardCase can be purchased today for $49.95 for the iPhone 5/5s, 6 and 6 Plus, while Android users can purchase a standalone LoopPay Card accessory that is available separately for $39.95. LoopPay is offering $10.00 off these prices through the end of November for those ordering on their website and entering “get10” in the coupon field.
“Ubiquitous merchant acceptance is the foundation of a smart wallet that consumers can rely on instead of plastic cards for everyday payments,” said Will Graylin, CEO of LoopPay. “By solving that fundamental problem, we can truly focus on our vision of delivering safer and richer commerce experiences for consumers, merchants and card issuers. We are working closely with issuer, merchant and OEM partners in the ecosystem to help transform the way they interact with their customers in the new mCommerce era.”
Recently rated the #1 mobile wallet, LoopPay invented a breakthrough contactless technology, Magnetic Secure Transmission™ (MST), which transmits payment data via magnetic signals to merchants’ existing point-of-sale systems with no changes required by the merchants. LoopPay’s patented MST technology can be embedded into smartphones and smartwatches for less than $1 and LoopPay is currently working with various device and accessory OEMs to embed MST to enhance usability for consumers, while building a robust open platform for partners and developers. LoopPay recently announced strategic investments from Visa and Synchrony Financial, the largest private label card issuer in the world.
Security is a Top Priority
LoopPay verifies the identity of each user to ensure payment cards loaded belong to the user. All card data are encrypted and stored in secure memory, accessible only after authentication. Like Apple Pay, LoopPay is also working with some of world’s largest financial institutions to deliver tokenized, one-time use card data starting in 2015 via Multi-Mode transmission (NFC + MST). This means LoopPay users will be able to transmit secure, tokenized transactions to virtually any existing POS terminal around the world, whether they are mag stripe only or EMV enabled. This is truly transformative in delivering a safer and better commerce experience for the ecosystem.
Founded in 2012 in Boston, MA, LoopPay is the most widely accepted mobile payment provider, empowering consumers to finally leave their physical wallets at home, today. LoopPay’s patented Magnetic Secure Transmission™ (MST) technology turns existing mag stripe readers into mobile contactless readers without any change or cost to merchants or their payment processors, enabling secure mobile payments at more than 10 million locations in the U.S. Consumers can select from an array of devices that match their phones and fit their lifestyles, including the LoopPay Fob, ChargeCase, CardCase and Card. In addition, all cards, including payment, gift, loyalty, reward and IDs, can be stored in one place via the LoopPay app, which offers utmost convenience and security, as all data is password and PIN-protected. LoopPay also encrypts and stores all card track data in secure memory within any device and is a Level One PCI Certified Payment Provider. To learn more and order LoopPay products, visit www.LoopPay.com.