Mobile Wallet – LoopPay
LoopPay Mobile Wallet Technology
We have been looking for the next thing that will change the banking world. Cash, Checks, ATMs, Credit/Debit Cards, ACH and other forms of payments have been transitioning to minimize customer efforts and allow real-time and efficient processing of the settlement. Most people now have multiple credit/debit cards and the use of cash and checks for routine transactions at merchants are dwindling.
The Smart-Phone is now the standard for most people and it only makes sense to use it as a replacement for carrying cards and wallets. People will immediately know when they have lost their phone and it is becoming the most important piece of technology for the average consumer.
LoopPay Mobile Wallet Test
We have tested LoopPay and found it works at most every merchant we have tried. This system allows you to load ALL your credit/debit cards onto your LoopPay secured phone and the fob or accessory will transmit the magnetic-stripe data to the merchant terminal at a touch of a button. No need to pull out the card and swipe, just a tap and the card you selected will be transmitted to the terminal and the clerk will be amazed and complete the transaction. The system also allows you to securely scan in your IDs and store passwords. The information is secured on their servers and requires their fob or accessory to transmit the data. You can even hand the fob or accessory to a clerk to take to the register where they cannot see any of your card information, and you can even limit it to only work for 10 minutes to handle the transaction. This is WAY COOL!
Costs of LoopPay Mobile Wallet
The cost for this service is another benefit – NO COSTS OTHER THAN BUYING THE INITIAL FOB, ACCESSORY or PHONECASE.
That is an investment of $30 to $80 depending on your type of phone or your desire for the fob, accessory or phone case. (iPhones have cases with extra battery supply also available that cost more than the fob or accessory,)
To get more information that include some video’s, go the the link below. I would recommend you just giving it a try if you want a new way to use your phone for paying your bills at stores, restaurants, entertainment or just about anywhere a merchant accepts credit/debit cards.
See LoopPay video here.