LoopPay
LoopPay is a digital wallet app that allows users to store credit/debit cards and pay in stores using their mobile phone. It works with magnetic card readers by mimicking a card swipe.
LoopPay: Digital Wallet App for Contactless Payments
LoopPay allows users to store credit/debit cards and pay in stores using their mobile phone, working with magnetic card readers by mimicking a card swipe.
What is LoopPay?
LoopPay is a digital wallet app launched in 2012 that allows users to store their credit and debit card information and pay in physical stores using their mobile phone. It is designed to work with existing magnetic card readers by transmitting a signal that mimics the magnetic strip on a traditional payment card.
The key benefits of LoopPay include:
- Allows contactless payments: Users can pay by holding their phone near a magnetic card reader rather than inserting or swiping a physical card.
- Works with existing infrastructure: LoopPay transmits card data to magnetic stripe readers, so merchants do not need to replace their hardware.
- Stores cards: Users can store an unlimited number of credit/debit cards in the app for easy access.
- More secure: Payments are protected by tokenization technology to keep card numbers safe.
While once marketed to consumers, LoopPay was acquired by Samsung in 2015. Samsung integrated it into their Samsung Pay mobile wallet as the backbone for its magnetic secure transmission (MST) technology for contactless payments. This allows Samsung Pay to be accepted at nearly all stores that accept regular credit/debit cards.
LoopPay Features
Features
- Stores credit/debit card information securely
- Allows contactless payments at most merchants
- Works with existing magnetic stripe readers
- Supports loyalty and gift cards
- Can be used on smartphones or LoopPay Card
Pricing
- Free
- One-time Purchase
Pros
Wide acceptance at merchants
More secure than physical cards
Convenient payments with phone
Saves time checking out
Cons
Requires separate device/card
Not widely known by consumers yet
Merchant must accept magnetic stripe payments
Limited digital receipt/tracking features
Reviews & Ratings
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