LoopPay secures investment from Visa

Friday 25 July 2014 11:47 CET | News

LoopPay, a mobile commerce platform provider, has received an investment from Visa. The terms of the investment were not made available.

LoopPay has invented Magnetic Secure Transmission (MST) technology which leverages existing point-of-sale (POS) infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants. MST uses a chip to store and transmit data to existing POS terminals via a small inductive loop that could be embedded in a number of devices, including smartphones.

Payment cards, gift cards and loyalty cards can be loaded by consumers to their own LoopPay-enabled devices, or remotely provisioned by card issuers after proper user authentication and account setup. Payment card issuers can remotely provision not only static card data, but also tokenized or cryptographically signed payment data to provide secure transactions for physical and online commerce.

LoopPay is also set to work with card issuers and app developers through its SDK to leverage its platform to enhance consumer commerce experiences via mobile. It also has its own LoopPay app, LoopWallet, to enable users store and organize all their payment cards, membership cards, ID cards and rewards cards.

In recent news, Synchrony Financial has unveiled the completion of a strategic investment in LoopPay.

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Keywords: LoopPay, Visa, mobile, commerce, smartphones, point-of-sale, POS, contactless, payments , LoopWallet
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

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