LoopPay Debuts New Mobile Payment System

Smartphone commerce company LoopPay has released LoopWallet, as well as a fob that enables users to store payment credentials.

LoopWallet is available at the Apple App store, with an Android version scheduled for April. The Loop Fob is available at LoopPay's website for $39. LoopPay encrypts and stores payment and gift card data within the fob. LoopPay is also planning to release a regular smartphone case and a smartphone charging case that can store card details.

LoopPay executes contactless payments by using the fob or case to transmit a magnetic signal to the card reader of a standard point of sale terminal. The terminal sees LoopPay's signal as a card swipe, enabling contactless payments at merchants without requiring them to upgrade their hardware.

LoopPay was founded by CEO Will Graylin, who previously helped lead mobile point of sale provider Roam Data, now a unit of Ingenico; and Way Systems, now a part of VeriFone. LoopPay's other co-founder, George Wallner, previously helped lead Hypercom. VeriFone owns Hypercom's international business, and the U.S. business, which was rebranded as Equionx, recently sold substantially all of its assets to NBS Payment Solutions.

LoopPay is not related to Loop Commerce, the gift card technology company.