BOSTON -- (BUSINESS WIRE) -- LoopPay Inc., the first smart wallet system accepted at virtually every retail point-of-sale terminal, was selected as “Best of Show” by the 67 presenters and a record-setting 1, 250 attendees at FinovateSpring in San Francisco this week.
Loop CEO Will Graylin demoed the company’s expansive hardware, software and security offerings, including the recently released smart wallet app LoopWallet™ along with AppCessories (Loop-Ready mobile devices) that give users the ability to store their credit or debit, gift and reward cards securely, and transmit those cards via Loop’s patented Magnetic Transmission capabilities.
In addition to its product demo, Loop impressed upon the Finovate audience on how the mobile payments ecosystem is highly complex and changing POS infrastructure is extremely difficult, akin to building out new tracks to all stations for each new mobile payments train/technology. Loop is the only solution that leverages existing tracks for mobile devices to communicate with POS terminals. The magic is in Loop’s patented Magnetic Secure Transmission (MST) technology, which communicates with existing POS terminals through the magnetic read head, without any change to the POS system.
“Finovate has become a leader for introducing innovations to the financial services industry. It is an honor to be selected by this hyper-focused and astute audience,” said Will Graylin, CEO of LoopPay. “We are very excited about what Loop’s innovation mean to consumers and to our card issuing and merchant partners. Consumers can finally have an app to use all their cards where they shop, but also helps better protect their data and better interact and transact with the financial institutions or merchants that provided their cards.”
Loop integrates the highest level of Payment Card Industry (PCI) security, and can conveniently store all cards (payment, gift, loyalty, reward, ID, etc.). Card data is encrypted and stored in dedicated hardware-secure memory, within Loop-Ready devices. Partnering with payment card issuers, Loop’s technology can also generate dynamic card track data every time a payment is transmitted, making such data unusable for fraudsters. Its contactless solution does not wear out and fits into virtually any form factor that consumers want to carry – from smartphones to fobs, to charge cases, to smart watches.
Loop was founded by two payment industry pioneers, Will Graylin and George Wallner, both with proven track records of delivering widely adopted payment innovations. Loop was oversubscribed in its initial angel round of $12M, and there has been continued enthusiasm by investors for its potential to ignite mobile payments at the physical point of sale.
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-enabled devices (accessories, smartphones, smart watches) virtually everywhere. The LoopWallet app reduces the clutter of plastic cards (payment, gift, loyalty, ID, membership cards) allowing consumers to leave their plastic behind with confidence. 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 by the 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. Loop is a Level One PCI Certified Payment Provider. To learn more and order Loop products, visit www.looppay.com.