February 21, 2014
This is the kind of technology that Steve Jobs would have liked to introduce to the world. He would have said 'This changes everything in proximity payments'. I have talked about the Mobile Wallets analysis that we have been doing and Loop wallet was under our radar for a while. So we made a half day trip to Woburn in Boston to find out whats going on at this startup. For a change, LoopPay (simply called Loop as well) is not a startup of college kids but experienced boys who are bringing contactless, friction-less payments to 90% or more of existing POS. Its is a team that has founders of immensely successful payment companies like Hypercom, ROAM data, Way systems and also people who ran large programs for Paypal and Nokia NFC.
Loop just works and helps Read, Store and Transmit payments. Seasoned payment boys brought this revolutionary Magnetic Secure Transaction (MST) technology and merchants are liking it a lot. MST technology 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.