INSIDE Secure announced on Wednesday that it will provide security hardware, industry expertise and software to LoopPay, an e-commerce provider launching a mobile wallet solution designed to work with nearly all current point-of-sale terminals.
Loop will use the INSIDE VaultSEcure element to enable payment card data store through its LoopWallet solution, which was introduced at the Money2020 conference in Las Vegas on Tuesday. INSIDE also helped Loop to develop a technical specification for LoopWallet and developed an app to allow for secure magnetic stripe payment transactions.
“There are hundreds of mobile wallet solutions out there today, but they don’t work at retail locations because the stores’ POS terminals can read only mag-stripe cards,” George Wallner, Loop’s founder and chief technologist, said. “Our breakthrough Magnetic Secure Transmission technology is now combined with industry security standards, and with the help of INSIDE we can make the real value of a mobile wallet available to consumers for the first time.”
INSIDE’s industry and security expertise helped Loop to develop product definitions and specifications required to ensure security. The LoopWallet solution uses magnetic induction to communicate credit card data stored in the mobile wallet to magnetic stripe POS terminals.
Loop is headed by Will Graylin and George Wallner and is comprised of a team of industry veterans. The company has signed agreements with some of the largest global payment providers and is in discussions with others on the distribution of its products and services.