Inc., the first smart wallet system accepted at virtually every
retail point-of-sale terminal, was selected as "Best of Show" by the 67
presenters and a record-setting 1, 250 attendees at FinovateSpring
in San Francisco this week.
Loop CEO Will Graylin demoed the company's expansive hardware, software
and security offerings, including the recently released smart wallet app LoopWallet™
along with AppCessories (Loop-Ready mobile devices) that give users the
ability to store their credit or debit, gift and reward cards securely,
and transmit those cards via Loop's patented Magnetic Transmission
In addition to its product demo, Loop impressed upon the Finovate
audience on how the mobile payments ecosystem is highly complex and
changing POS ifrastructure is extremely difficult, akin to building out
new tracks to all stations for each new mobile payments
train/technology. Loop is the only solution that leverages existing
tracks for mobile devices to communicate with POS terminals. The magic
is in Loop's patented Magnetic Secure Transmission (MST) technology,
which communicates with existing POS terminals through the magnetic read
head, without any change to the POS system.
"Finovate has become a leader for introducing innovations to the
financial services industry. It is an honor to be selected by this
hyper-focused and astute audience," said Will Graylin, CEO of LoopPay.
"We are very excited about what Loop's innovation mean to consumers and
to our card issuing and merchant partners. Consumers can finally have an
app to use all their cards where they shop, but also helps better
protect their data and better interact and transact with the financial
institutions or merchants that provided their cards."
Loop integrates the highest level of Payment Card Industry (PCI)
security, and can conveniently store all cards (payment, gift, loyalty,
reward, ID, etc.). Card data is encrypted and stored in dedicated
hardware-secure memory, within Loop-Ready devices. Partnering with
payment card issuers, Loop's technology can also generate dynamic card
track data every time a payment is transmitted, making such data
unusable for fraudsters. Its contactless solution does not wear out and
fits into virtually any form factor that consumers want to carry - from
smartphones to fobs, to charge cases, to smart watches.
Loop was founded by two payment industry pioneers, Will Graylin and
George Wallner, both with proven track records of delivering widely
adopted payment innovations. Loop was oversubscribed in its initial
angel round of $12M, and there has been continued enthusiasm by
investors for its potential to ignite mobile payments at the physical
point of sale.
About Loop™ (LoopPay, Inc.):Loop invented the world's first
mobile wallet app that allows consumers to securely store all their
cards and pay with their Loop-enabled devices (accessories, smartphones,
smart watches) virtually everywhere. The LoopWallet app reduces the
clutter of plastic cards (payment, gift, loyalty, ID, membership cards)
allowing consumers to leave their plastic behind with confidence. Based
in Boston, MA, Loop's patented Magnetic Secure Transmission (MST)
technology turns existing mag stripe readers into mobile contactless
readers without any change or cost by the merchants or their payment
processors. Loop provides not only breakthrough convenience for
consumers to organize and pay with mobile devices, but also with the
highest level of payment security to protect consumer card data. Loop is
a Level One PCI Certified Payment Provider. To learn more and order Loop
products, visit www.looppay.com.
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