Loop has announced the release of its LoopWallet™ app to U.S. consumers - now available at the Apple App Store, with an Android version planned for release in April 2014. Loop is also offering the Loop Fob for $39, saying it is the first of many "AppCessories" that give users the ability to swipe and store their credit or debit, gift and reward cards into their smartphones.
“Loop users are making history as they embark on an exciting new era of secure smartphone-enabled payments. Loop gives users an intuitive way to simplify and organize their wallets. Just download the free LoopWallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world,” said Will Graylin, CEO of Loop. “It’s a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards.”
"With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device. Partnering with payment card issuers, Loop’s technology can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card. Its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry – from smartphones to fobs, to charge cases, to smart watches, the possibilities are limitless."
Loop was founded by two payment industry pioneers, Will Graylin and George Wallner.