News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
GET RECOGNIZED
Let an ISACA® certification elevate your career.
Register today and save
You are here: Home / Personal Tech / Loop Puts Credit, Debit Cards on a Fob
DDoS Protection Powered By Verisign
Loop Puts Credit Cards on a Fob and Smartphone App
Loop Puts Credit Cards on a Fob and Smartphone App
By Jennifer LeClaire / NewsFactor Network Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
FEBRUARY
20
2014


Are you in the loop? If you have a smartphone and you have been looking for a commerce solution that's accepted at a majority of retail point-of-sale terminals, you may want to tap into the LoopWallet app.

Developed by Loop, the app lets U.S. consumers rely on mobile devices as their primary payment method instead of cards or cash. That means you don't necessarily need multiple apps to pay, such as a Starbucks app and a PayPal app (unless you just want the free coffee rewards the former offers for using its tech).

"Loop users are making history as they embark on an exciting new era of secure smartphone-enabled payments," said Will Graylin, CEO of Loop. "Loop gives users an intuitive way to simplify and organize their wallets. Just download the free LoopWallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world. It's a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards."

Secure Mobile Payments

Want to try it out? The LoopWallet app is available in Apple's iTunes App Store, with an Android version planned for release in April. Loop is also offering the Loop Fob for sale on its Web site for $39. The company called it the first of many AppCessories that give users the ability to swipe and store their credit or debit, gift and reward cards into their smartphones with security safeguards.

Next question: What does Loop mean by secure? Loop said its payment app integrates the highest level of Payment Card Industry (PCI) security, and can store all cards, from payment and gift cards to loyalty and reward cards and beyond.

Here's how it works: With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop-enabled device. Partnering with payment card issuers, Loop's technology can also generate dynamic card data every time a payment is made and make that data unusable for those trying to clone a card. Loop said its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry, including smartphones, fobs, charge cases, and smart watches.

Will It Pay Dividends?

Loop was founded by two payment industry pioneers, Will Graylin and George Wallner, both with histories of delivering widely adopted payment innovations. Loop was oversubscribed in its initial fund-raising of $12 million. The company's investors believe it has the potential to ignite mobile payments at the physical point of sale. (continued...)

1  |  2  |  Next Page >

Read more on: E-Commerce, NFC, Mobile Payments
Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY BE OF INTEREST
Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.
MORE IN PERSONAL TECH
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Who Is the Hacker Group Lizard Squad?
Are they dangerous or just obnoxious? That’s what many are wondering about the hacker group Lizard Squad, which tweeted out a bomb threat that grounded a flight with a Sony exec aboard.
 
Are Government Spies Tipping Off Tor?
Less than a month ago, tech news headlines heralded a Tor Project breach. Now, some are saying that government spies are sharing information with Tor to help it prevent future breaches.
 
Backoff Malware Hits 1,000+ Businesses, Likely More
More than 1,000 businesses across the U.S. might have been affected by Backoff, a new kind of point-of-sale (PoS) malware, according to the Department of Homeland Security.
 

Enterprise Hardware Spotlight
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 
Alert: HP Recalls 5 Million Notebook AC Power Cords
HP is recalling about 5.6 million notebook computer AC power cords in the U.S. and another 446,700 in Canada because of possible overheating, which can pose a fire and burn hazard.
 
Acer's New Desktop Box Rides the Chrome OS Wave
Filling out its Chrome OS line, Acer is following the introduction of a larger Chromebook line earlier this month with a new tiny $180 desktop Chromebox and also a smaller Chromebook.
 

Mobile Technology Spotlight
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 
Verizon Hops on the Voice-Over-LTE Bandwagon
Wireless provider Verizon is gearing up for a nationwide launch of its Voice-over-LTE service over the next several weeks, promising clearer and crisper phone calls and a Skype-like video service.
 
Smartphone 'Kill Switch' Law in California; Will Other States Follow?
California’s new law -- signed by Gov. Jerry Brown on Monday -- aimed at deterring cellphone theft could mean most mobile phones sold in the U.S. will soon include similar “kill-switch” tech.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.