Turn Your Smartphone into a Wallet - Other News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Turn Your Smartphone into a Wallet

Turn Your Smartphone into a Wallet

Turn Your Smartphone into a Wallet
The content is accurate at the time of publication and is subject to change.

Loop, a mobile payment startup, wants to make using your smartphone at the cash register as natural as pulling out your credit card or cash. The company has introduced LoopWallet, an app and key fob combination which can turn an iPhone into a virtual wallet where a person can store credit, debit, loyalty and gift card information for use when making purchases. A version for Android users is slated to be released in April 2014.

The LoopWallet app is available free at the iTunes store, but a key fob priced at $39 on their website is needed to make it work. The current version is compatible with the iPhone 4, 4s, 5, 5c, and 5s. All credit and debit cards, as well as IDs and loyalty cards with magnetic strips can be loaded into the system by swiping them using the fob.

How it works

The fob contains magnetic induction loop technology that allows it to talk with card readers and transmit the individual’s payment information. At check-out, customers can use the app to choose their payment method or they can use the preset default method of payment. To complete the transaction the fob is held near the card reader and the system sends out a magnetic signal containing the user’s payment information.

According to Loop, it can be used in 90% of retail stores. With the app, users can also review account information in real time as well as access special deals offered by participating merchants and card issuers. The system is outfitted with Payment Card Industry (PCI) security. LoopWallet is locked and unlocked using a pin number.

More to come

A smartphone charge case is in development and is expected to be priced at $99. It will be able to load and store credit card information and transmit it directly into the card reader when it is held close to the device. It is expected to be released in April.

Other virtual wallet and mobile payment apps are in development, including Coin, which will be launching a virtual wallet this summer. The Coin device looks like a credit card and can be swiped at checkout, but it stores up to eight different cards.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

American Express OPEN & Intuit Sync Up
American Express OPEN & Intuit Sync Up

Posted: April 14, 2014

American Express OPEN and Intuit have partnered up to launch ReceiptMatch with QuickBook, a cloud based system that lets small business owners reconcile credit card expenses directly from their smartphone. Continue reading

Chase Gives iPhone Banking App a User-Friendly Upgrade
Chase Gives iPhone Banking App a User-Friendly Upgrade

Posted: April 25, 2014

People with an iPhone and a Chase bank account or credit card now have a new, more user-friendly app to do much of their banking. The updated Chase Mobile App lets customers check account status, deposit checks, transfer funds and pay… Continue reading

First Bankcard's Mobile App Gets an Upgrade
First Bankcard's Mobile App Gets an Upgrade

Posted: May 15, 2015

Mobile tech is constantly evolving, and to keep their mobile app in sync with users’ need to get information faster and easier, First Bankcard has added Passcode and Quick Balance into their app’s suite of features. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!