LoopPay expands OEM partnerships

Wednesday 7 January 2015 10:53 CET | News

LoopPay, a mobile commerce platform provider, has revealed two new OEM partners that will embed LoopPay`s technology into their products to enable consumers to turn their smartphones into mobile wallets.

In addition to the new LoopPay products on display at the International Consumer Electronics Show (CES), which include the LoopPay Card and CardCase for iOS and Android, the company is currently working with OEM partners to embed its patented technology into a range of devices, from cases and accessories to wearables and smartphones. The two new OEM partners announced at CES include XPAL Power (subsidiary of TennRich International - who manufactures products for companies like Mophie and Belkin), and Trident Case, a ruggedized phone case manufacturer, with many other partners in the pipeline. LoopPay is also working with chipmakers to embed LoopPay’s technology and security into silicon, enabling future OEM partners to incorporate LoopPay into their devices.

LoopPay’s patented magnetic secure transmission (MST) technology can send standard mag stripe card data or send one-time-use tokenized card data to existing merchant POS systems. Near field communication (NFC) technology, which mobile payment solutions like Apple Pay rely on, is currently only accepted at about 3% of US merchant locations. LoopPay’s MST is accepted at nearly 90% of merchant locations today.

XPAL Power is expected to embed MST technology into its products, including a new back cover for the Samsung Galaxy S 5 coming in early 2015.

Trident Case has also entered into a strategic alliance with LoopPay to bring to market a new series of rugged Trident smartphone cases that include MST technology. Trident is developing a LoopPay-ready case for the Samsung Note 4 with availability later in 2015.

Founded in 2012, LoopPay provides a mobile payments app that lets consumers store credit cards on a smartphone and use it to pay at a number of retailers. LoopPay’s patented MST technology can be embedded into any device, including smartphones and wearables. Consumers can select from an array of devices that match their phones and lifestyles, including the LoopPay Fob, ChargeCase, CardCase and Card. All cards including payment, gift, loyalty, reward and IDs can be stored in the LoopPay app, and all data is password and PIN-protected. LoopPay also encrypts and stores all card track data in secure memory within any device and is a Level One PCI Certified Payment Provider.

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Keywords: LoopPay, OEM, smartphones, mobile wallets, mobile, wallets, CES, XPAL Power, Trident Case, NFC, MST, mobile payment, Apple Pay, tokenized, POS, Consumer Electronics Show
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce