Loop Launches Mobile Wallet App to Facilitate iPhone Payments
Loop has launched its LoopWallet mobile wallet app to facilitate iPhone payments via either a smartphone fob or card case that enable phones to function like magnetic-stripe credit cards at the point of sale. The LoopWallet uses an engineered technology that generates a magnetic signal that mimics the card swipe. Only the Loop Fob is currently available for purchase, but other devices, including a smartphone case and smartphone charge case, are in development that will enable users to load all of their payment cards within the iPhone app. Loop works at any magstripe-ready terminal in the U.S., and an Android version of LoopWallet will be available in April. The LoopWallet app guides users through a setup process that enables them to organize their cards in a simple interface.
From “Payments Startup Loop Debuts a Mobile Wallet App That Lets You Pay With Your iPhone”
TechCrunch (02/19/14) Perez, Sarah