Loop announced last week the launch of its LoopWallet in the U.S. market, allowing consumers the ability to store debit, credit, reward and gift cards in their smartphones for tap-and-pay convenience.
The digital wallet is currently only available for iOS at the Apple App Store, though an Android version is planned for release in April. The Loop Fob, available for $39, attaches to a consumer’s smartphone and allows them to swipe their cards to automatically load payment information into the wallet app.
“Loop users are making history as they embark on an exciting new era of secure smartphone-enabled payments,” Loop CEO Will Graylin, who co-founded the company with George Wallner, said. “Loop gives users an intuitive way to simplify and organize 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. It’s a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards.”
Payment card data is encrypted and stored in a dedicated hardware secure memory in the Loop Fob or any other Loop-enabled device. The technology can generate dynamic card data each time a payment is made, thereby rendering data unusable to potential criminals.