The LoopPay camp is happy. I exchanged notes with the founders last night and they seemed really excited. In fact, I visited the Loop Pay office less than a month ago. It was in the calm and quiet outskirts of Boston in February 2014 that I first met the team, and saw the MST technology at work for the first time. I wrote an article with a picture of the entire team holding a LetsTalkPayments.com card. They were a humble and energetic team who were kind enough to give me a device to test. I wrote about the whole experience of using LoopPay fob at McDonalds and Starbucks here
Payment startups should learn from LoopPay. Will Graylin, George Wallner, and Damien Balsan have done great things to make this all happen in a relatively short time. Let’s take a look at some key things that can be learned from LoopPay:
- High on The Innovation Quotient - In a town of Harvard graduates and PhDs what else can you expect? The saga of MST technology and its development is amazing. George, along with Will invented the Magnetic Secure Transmission (MST) technology. George experimented for a long time on how the POS can be made to believe that the card is being swiped. Finally, he was successful in creating the magnetic loop that does the trick. George has numerous inventions in the fields of POS, payment networks, and radio communications and is also a leading expert in radio antenna design. Will Graylin has worked on some amazing innovations in the field of payments and has been a serial entrepreneur. Prior to founding Loop, he was founder and CEO of ROAM Data, a very successful mobile POS & mobile payments solutions provider; a majority of the company was eventually purchased by Ingenico. Prior to ROAM, he started WAY Systems, the 1st pocket size mobile POS solutions provider, later purchased by VeriFone. ROAM and WAY have won numerous innovation awards in the payments industry.
- Evolution - First LoopPay launched the fob, then they brought the mobile case, and then they brought mobile cases for all types of phones, then a better fob (the current one), and they knew that one day the technology could be put inside of the phone itself - this was the most important part was the idea/vision. I couldn't disclose this in the last 13 months, but they have been planning to do this for quite some time now. Now that Samsung has bought them and put the loop inside their phones, everything can fall into place.
- Don't compete with 2nd or 3rd; compete with the Numero Uno! LoopPay was the only company that went against the tide (of the tech community) and talked about how they were better than Apple Pay
- Be Visible - Be assertive and talk a lot about your solution. Educate the customers, the media, and everyone else! They always had so many news things to share and they always made it a point to share them in a big way. In July, they even raised some money from Visa (http://letstalkpayments.com/looppay-gets-investment-visa-scalable-mst-tech-works-existing-pos/). LoopPay had great presence at conferences and recently talked about their solution at CES, where they showcased and talked about how loopPay went up against other solutions.
More power to the LoopPay team. Cheers!