New Delhi: LoopPay, a US-based mobile payment provider is likely to enter into the Indian market this year. The firm's globally recognised and patented technology, Magnetic Secure Transmission (MST) facilitates payment by placing mobile phones beside a card reader at retail stores.
It will enable existing point of sale infrastructure to accept contactless payments through mobile devices at majority of retail merchants.
This technology turns existing magnetic stripe readers into mobile contactless readers without any change or cost to merchants or their payment processors, providing tokenized security and two-factor authentication for secure mobile payments.
"We are looking at expanding our presence in late 2015 including India. We believe India, China and Japan would be having appetite for this technology. One can pre-order LoopPay Card for $49.95," LoopPay CMO Gregory Mann told PTI at Consumer Electronics Show (CES) 2015.
Founded in 2012 in Boston by Will Graylin and George Wallner, the technology can be integrated into any device, including smartphones and wearables, for less than $1. All card (credit or debit card) details can be loaded in LoopPay's mobile phone applications.
Locked by PIN and password, the LoopPay app is safer than carrying a wallet. LoopPay encrypts all data to prevent access or use by others.
"A user can select the card on mobile phone application from which he wants to pay and touch the cover on any normal card swipe machine to pay and transaction will happen. There is no need for retailers to install any additional device like card readers or anything else to accept payment from mobile phone," Mann said further.
Recently at CES 2015, LoopPay two new OEM partners that will embed its technology into their products to let consumers turn their smartphones into mobile wallets.
In addition to the new LoopPay’s products on display at CES, which includes the LoopPay Card and CardCase for iOS and Android, the company is now working with OEM partners to embed its patented technology into a broad array of devices.
The two new OEM partners are XPAL Power (subsidiary of TennRich International, who manufactures products for companies like Mophie and Belkin) and Trident Case, a leading ruggedized phone case manufacturer, with many other partners in the pipeline.
LoopPay is also working with chipmakers to embed its technology and security into silicon, making it easier for future OEM partners to incorporate LoopPay into their devices.