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February 19, 2014 08:32 pm GMT
Loop, the mobile payments startup backed by $10 million in Series A funding, and the makers of a series of hardware devices that allows smartphones to function like magstripe credit cards at point-of-sale, is today publicly launching its LoopWallet application in the U.S. Apple App Store. An Android version will be available in April. The company, for background, is headed up by payments industry vets, includingco-founder and CEO Will Graylin, who previously founded WAY Systems (sold to VeriFone) and ROAM Data (sold to Ingenico), and co-founder and chief technologist, George Wallner, who previously founded Hypercom, also sold to VeriFone. Their idea? To work around the U.S.’s so far slow uptake on competing mobile payment technologies including PayPal, Google Wallet, Square, Isis and others, with a solution that utilizes either a smartphone fob or card case to “trick” point-of-sale terminals into thinking a credit card has been swiped, without you having to actually carry the card or remove it from your wallet. Loop does this via an engineered technology that induces a strong enough magnetic signal to emulate the card swipe, which the company calls “Magnetic Secure Transmission,” or MST for short. Currently, only the Loop Fob is available for purchase ($39), but other devices including a smartphone case and smartphone charge case are in the works. These and other so-called “AppCessories,” will let users load and store all their payment cards, including credit, debit, gift cards and reward cards, within the iPhone application. To facilitate the process of adding your payment cards and managing them on your phone, the new LoopWallet application walks you through a setup process where you can organize your cards in a simple interface. Though I’ve had early access to the app for some time, I’ve personally encountered a few difficulties with the hardware (thanks to being shipped a wrongly programmed device in error) and issues with my account. Technical difficulties like these are common with early stage startups, so it’s too soon to write off Loop as being buggy. However, further (successful) testing is required before forming an opinion which I’d share publicly here. One thing that did strike me, though, is that the process of loading cards, even had it gone smoothly, is something that takes a bit of initial setup time on the part of the end user. And the convenience of paying by holding your phone near the terminal, instead of swiping
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/6sKimBOgOdE/
Payments Startup Loop Debuts A Mobile Wallet App That Lets You Pay With Your iPhone
Loop, the mobile payments startup backed by $10 million in Series A funding, and the makers of a series of hardware devices that allows smartphones to function like magstripe credit cards at point-of-sale, is today publicly launching its LoopWallet application in the U.S. Apple App Store. An Android version will be available in April. The company, for background, is headed up by payments industry vets, includingco-founder and CEO Will Graylin, who previously founded WAY Systems (sold to VeriFone) and ROAM Data (sold to Ingenico), and co-founder and chief technologist, George Wallner, who previously founded Hypercom, also sold to VeriFone. Their idea? To work around the U.S.’s so far slow uptake on competing mobile payment technologies including PayPal, Google Wallet, Square, Isis and others, with a solution that utilizes either a smartphone fob or card case to “trick” point-of-sale terminals into thinking a credit card has been swiped, without you having to actually carry the card or remove it from your wallet. Loop does this via an engineered technology that induces a strong enough magnetic signal to emulate the card swipe, which the company calls “Magnetic Secure Transmission,” or MST for short. Currently, only the Loop Fob is available for purchase ($39), but other devices including a smartphone case and smartphone charge case are in the works. These and other so-called “AppCessories,” will let users load and store all their payment cards, including credit, debit, gift cards and reward cards, within the iPhone application. To facilitate the process of adding your payment cards and managing them on your phone, the new LoopWallet application walks you through a setup process where you can organize your cards in a simple interface. Though I’ve had early access to the app for some time, I’ve personally encountered a few difficulties with the hardware (thanks to being shipped a wrongly programmed device in error) and issues with my account. Technical difficulties like these are common with early stage startups, so it’s too soon to write off Loop as being buggy. However, further (successful) testing is required before forming an opinion which I’d share publicly here. One thing that did strike me, though, is that the process of loading cards, even had it gone smoothly, is something that takes a bit of initial setup time on the part of the end user. And the convenience of paying by holding your phone near the terminal, instead of swipingOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/6sKimBOgOdE/
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