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Mobile payment provider LoopPay Inc. launched the LoopPay Card and CardCase, accessories meant to make it easier to use the mobile-payment service.
After downloading the free Loop Wallet from the iTunes or Google Play stores, the user connects a Loop device to the phone. The user creates an account and, after connecting a Loop device to the smart phone, enters her payment card information by swiping the card through the reader. Payment is made by pressing a button on the LoopPay device or by opening the LoopPay app, selecting a card and pressing the Tap to Pay button.
Data is wirelessly transmitted to the point-of-sale terminal reader using a magnetic field that any POS terminal can read. The signal emulates the same magnetic field change as when a mag-stripe card is passed through a reader.
LoopPay’s CardCase is a smart phone sleeve that includes a pocket to store a driver’s license and a backup payment card. It includes the LoopPay Card, which can handed to a server or sales clerk in lieu of handing over the smart phone itself. When used the LoopPay Card sends a notification which appears on the owner’s smart phone screen.
The LoopPay CardCase sells for $49.95 for several iPhone models. Android users purchase the LoopPay Card for $39.95.
LoopPay also says it is developing a method to use tokenized one-time-use card data that it expects to launch in 2015.
