Founded in 2012, the company has developed a magnetic transmission based technology in form of a mobile cover and card. Credit or debit card details can be loaded in LoopPays mobile phone applications.
The Magnetic Secure Transmission (MST) technology of LoopPay generates changing magnetic fields over a very short period of time. This is accomplished by putting alternating current through an inductive loop, which can then be received by the magnetic read head of the credit card reader.
The signal received from Loop emulates the same magnetic field change as a mag stripe card when swiped across the same read head. Loop works within a 3-inch distance from the read head. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user.
Prevalent mobile payment systems use technology like near field communication (NFC) and others require installation at the vendor side as well to sense payment data.
In recent news, LoopPay 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.
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