Loop, a smartphone-enabled commerce technology accepted at virtually every retail point-of-sale terminal, has launched its LoopWallet app to US consumers, making mobile as their primary payment channel.
According to Loop, LoopWallet app is currently available at the Apple App Store, while an Android version is expected to be launched in April 2014.
Furthermore, the company is also offering ‘the Loop Fob’ that enables users to swipe and store their credit or debit, gift and reward cards into their smartphones with robust security safeguards.
Loop CEO, Will Graylin, said that the company gives users an intuitive way to simplify and organise 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," Graylin added.
Equipped with the Payment Card Industry (PCI) security, the application encrypts and stores payment card data in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device.
Loop’s technology in collaboration with payment card issuers, can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card.
Its contactless chip does not wear down and fits into virtually any form that consumers want to carry, from smartphones to fobs, to charge cases, to smart watches, among others.