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United States : VISA investing in LOOPPAY

August 8, 2014

Visa is making an investment in LoopPay, a mobile wallet app that aims to provide consumers and retailers with a mobile payment solution that is already accepted at most point of sale terminals among retailers.

The LoopPay mobile app has been designed to enable users to make mobile payments with smartphones.

This removes the need for those consumers to have to bring their plastic credit cards with them as they can make use of the mobile wallet within their device to pay with those cards in a digital way, instead.

The app uses a conventional setup for a smartphone based payments service, and offers the consumer with a small dongle that plugs into the device in order to enable users to swipe their virtual cards when they reach the cash register to pay the bill for their products at a retailer s checkout counter.

Thus, the LoopPay mobile wallet doesn't need any changes to be made to the retailer POS terminals.

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Source: TendersInfo (India)

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