DEEP DIVESExclusive to Strategy Plans
February 23, 2014
In October 2013, Loop had announced the introduction of a new payment enabling technology. It tricks the POS card slot into believing somebody is actually swiping a card. Its called Magnetic Transmission Technology (MST). It consists of a smartphone app and a fob/chargecase that uses magnetic field technology to enable customers to make payments in-store. On 20th February, 2014 the company publicly launched its Loop Wallet iOS Application in the U.S.
Go Ahead and download the application and buy a fob and leave your cards back at your house. Wherever you go just use the Loop at the restaurants and retailers. We did the same and noticed how amazed the sales folks behind the POS were.
Loop is led by Will Graylin (CEO) who had previously founded WAY Systems and ROA ...