|By Business Wire||
|May 14, 2014 08:09 AM EDT||
LoopPay, Inc., the first smart wallet provider to deliver a solution accepted at virtually every retail point-of-sale terminal, today announces the availability of its LoopWallet app for Android at the Google Play Store. The free LoopWallet app for Android now significantly expands the number of consumers who can store all their cards on their phones and pay faster at just about anywhere they shop with Loop Ready™ devices. The first Loop Ready device available for Android users is the Loop Fob for $39. Additional Loop Ready devices in different form factors will be released throughout this year. Loop is also working with OEMs to embed its patented technology directly into a variety of products including smartphones and smart watches in 2015.
Since the February 2014 introduction of LoopWallet, Android users have expressed great interest in the Loop mobile payment solution. Their expectations for Near Field Communication (NFC), a technology built into some Android phones, have not been realized due mostly to the scarcity of retail environments accepting NFC. Without the critical mass of merchants accepting NFC or other solutions from barcodes to Bluetooth, users won’t change their habits and leave their plastic cards behind. Loop allows users to securely swipe-in or scan-in all their plastic cards, and to securely transmit mag stripe card data directly to almost every POS system today without any changes to the merchants’ current infrastructure.
“Many Android users have registered on the waitlist for the Android version of the LoopWallet app. They can now download it and set up a smart wallet account to safely store and use their digital cards almost everywhere,” said Will Graylin, CEO of Loop. “Payment is not the only thing a smart wallet should do, but it is the foundation and must work at more than 80-percent of the places we shop. If not, consumers will simply continue using plastic. With Loop having solved the biggest problem facing mobile wallets to date – payment acceptance – we can now build all kinds of value-added features on that foundation to provide even smarter and safer commerce experiences for consumers, and for merchants and card issuers.”
The LoopWallet app is available on Google Play for smartphones running Android version 4.2 or later at http://bit.ly/1opwjpN. For a full list of compatible devices, visit http://bit.ly/QCvUSn. To learn more or order a Loop Fob, please visit LoopPay.com.
About Loop™ (LoopPay, Inc.)
Loop invented the world’s first mobile wallet app that allows consumers to securely store all their cards and pay with their Loop Ready devices (accessories, smartphones, smart watches) virtually everywhere. The LoopWallet app reduces the clutter of plastic cards (payment, gift, loyalty, ID, membership) allowing them to leave their plastic behind with confidence, and allow for faster, more convenient commerce experiences. Based in Boston, MA, Loop’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. Loop provides not only breakthrough convenience for consumers to organize and pay with mobile devices, but also with the highest level of payment security to protect consumer card data. All card track data are encrypted and stored in secure memory within any Loop Ready device. Loop is a Level One PCI Certified Payment Provider. To learn more and order Loop products, visit www.looppay.com.
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