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LoopPay was a pioneering mobile payment technology company that specialized in turning existing magnetic stripe credit cards into mobile payment solutions. It was known for its innovative approach to mobile payments, allowing users to make payments with their smartphones by emulating the magnetic stripe found on traditional credit cards. LoopPay's technology was a precursor to modern mobile payment systems and was eventually acquired by Samsung to form the foundation of Samsung Pay.
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Citation Level
2012
English, etc
Website Key Features
Magnetic Secure Transmission (MST)
LoopPay's proprietary technology that allowed smartphones to emulate the magnetic stripe on credit cards, enabling payments at traditional point-of-sale terminals.
Mobile Wallet
Users could store multiple credit and debit card information in a secure mobile wallet for easy access and payments.
Compatibility
LoopPay was compatible with a wide range of existing point-of-sale systems without requiring merchants to upgrade their hardware.
Security
Employed advanced security measures including tokenization and encryption to protect users' payment information.
User-Friendly Interface
The LoopPay app featured an intuitive interface that made adding cards and making payments simple and straightforward.
Additional information
Acquisition by Samsung
In February 2015, Samsung acquired LoopPay to integrate its technology into Samsung Pay, enhancing the mobile payment capabilities of Samsung devices.
Founders
LoopPay was founded by Will Graylin and George Wallner, who were pioneers in the mobile payment industry.
Technology Legacy
LoopPay's MST technology continues to be a key feature of Samsung Pay, allowing it to work with a vast majority of payment terminals worldwide.
Discontinuation
Following its acquisition by Samsung, LoopPay's standalone products and services were gradually phased out in favor of Samsung Pay.
HTTP headers
Security headers report is a very important part of user data protection. Learn more about http headers for looppay.com