(video courtesy of LoopPay)
Thanks to Google Wallet, VisCheckout and PayPal, there is a new kid on the block in paying on the go—LoopPay.
LoopPay was founded in 2013 by Will Graylin and George Wallner, who both created the product, have extensive knowledge and experience in the mobile payments industry, recently secured a $10 million investment in funding from Beta Fund, followed by $3 million debt financing, per Venture Beat.
The Burlington, Mass-based LoopPay would also receive backing from Visa and Synchrony Financial, and would recently be named by Consumer Reports as the best in mobile payment space.
The world’s first mobile wallet solution that allows consumers to pay with their mobile devices everywhere, LoopPay works at any in-store credit/debit card reader, where a consumer would normally swipe your card, and simply press a button to make a payment instantly.
Additionally for consumers, LoopPay products are extremely safe and secure as all of data is PIN and password protected.
For merchants, they do not need any special equipment for the LoopPay Technology to work, as LoopPay’s patented MST technology works with virtually any in-store credit or debit card reader.
Covered by ABC, CBS, Yahoo, NBC, and various media outlets, LoopPay continues to grows and is set to lead a new generation of mobile pay-on-the-go options for consumers.
Two current products in development are the LoopPay Fob ($39) and Loop ChargeCase ($99) The LoopPay Fob allows you to swipe all of your credit cards, drivers license, gift Cards, loyalty cards, and more onto your phone, controlled by a free downloadable mobile app available on ITunes.
The Fob plugs into your headphone jack of your phone. The Fob is compatible with any iPhone 4 or 5, iOS 7, as well as all Android devices running US 4.2 or higher.
The Fob app allows the consumer to pick different card options, ID’s, gift cards, etc.
The LoopChargeCase provides you with a way to securely pay with your mobile phone along with the added benefit of ensuring that you have extra power when you need it.
It works with iPhone 5 and 5S. It is a phone case that holds your phone.
The ChargeCase comes with a 1400 mAh ChargeCase that provides over 60% more backup power so your phone is always ready when you are.
Robert Lunder, Marketing Manager states that LoopPay is the wave of the future, “LoopPay’s products are revolutionary in the mobile payments landscape. Our products are innovative, fun, and easily accessible, and they allow the consumer to leave his or her bulky wallet behind. The conveniency factor of our products is second to none. Seeing people’s exciting reactions to using our products, especially when someone is in the process of making a payment, are priceless.”
With more consumers looking to easier, more convenient and secure ways to pay, LoopPay offers the best of both worlds in being quick, easy and able to leave that otherwise old-school clunky wallet of last century behind.
Visit LoopPay at www.looppay.com and follow them on Twitter at @LoopPay
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