Payment technology

LoopPay expands mobile wallet app availability to Android users

Mobile WalletLoopPay, the provider of the LoopWallet app, announced on Tuesday that the app is now available for free download on Android mobile devices at the Google Play store.

The app, which allows consumers to store payment and identification cards, was introduced for Apple devices in February. LoopPay said the app addresses some of the inadequacies of near field communication (NFC) technology that have acted as barriers to adoption of cashless payments.

“[Android users’] expectations for NFC, a technology built into some Android phones, have not been realized due mostly to the scarcity of retail environments accepting NFC,” LoopPay said in a release. “Without the critical mass of merchants accepting NFC or other solutions from barcodes to Bluetooth, users won’t change their habits and leave their plastic cards behind.”

LoopPay CEO Will Graylin said that while payment acceptance is just one feature of a smart wallet, it is the foundation of the technology.

“With Loop having solved the biggest problem facing mobile wallets to date—payment acceptance—we can now build all kinds of value-added features on that foundation to provide even smarter and safe commerce experiences for consumers, and for merchants and card issuers,” Graylin said.

The LoopWallet app is used along with a fob device, available for $39, and a Loop ChargeCase will be available for iPhone 5 and iPhone 5S by July for $99. Users swipe their credit and debit cards through a magnetic card reader on the fob device, and cards can be named and set to default payment. Identification and rewards cards can be stored in the LoopWallet app by taking a picture of the front and back of the card.

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