LoopPay, Inc., a Boston, MA-based provider of a mobile payments solution, raised a funding round of undisclosed amount.
Backers included Visa Inc., Synchrony Financial (formerly GE Capital Retail Finance) and other unnamed strategic partners.
Led by Will Graylin, CEO, LoopPay invented Magnetic Secure Transmission™ (MST) technology which leverages existing point-of-sale infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants. MST uses a secure chip to store and transmit data to existing POS terminals via a small inductive loop that could be embedded in a variety of devices, including smartphones.
Payment cards, gift cards and loyalty cards can be loaded by consumers to their own LoopPay-enabled devices, or remotely provisioned by card issuers after proper user authentication and account setup. Payment card issuers can remotely provision not only static card data, but also tokenized or cryptographically signed payment data to provide more secure transactions for physical and online commerce.
LoopPay will also work with card issuers and app developers through its SDK to leverage its platform to enhance consumer commerce experiences via mobile.
Its app, LoopWallet, allows users to store and organize all their payment cards, membership cards, ID cards and rewards cards while its consumer product, the LoopPay ChargeCase, enables mobile payments through a protective iPhone 5 and 5s case that also extends the iPhone’s battery life by up to 60%.
FinSMEs
24/07/2014