28 October 2016
Visit www.dh.com

Synchrony invests in mobile startup LoopPay

09 July 2014  |  1780 views  |  0 Source: Synchrony

Synchrony Financial today announced the completion of a strategic investment in LoopPay, Inc., an innovative mobile payments platform company.

LoopPay is expected to provide Synchrony Financial with special features and benefits for its cardholders and retail partners.

LoopPay recently introduced the LoopPay ChargeCase, which allows consumers to pay with their iPhone 5 or 5s at regular credit card swipe readers, while extending the phone's battery charge by up to 60%. It is the second product launched by LoopPay in four months, with several more products planned for market entry this year.

"These types of investments demonstrate our commitment to innovation and growth in the emerging payments space," said Margaret Keane, president and CEO of Synchrony Financial. "We are continuously exploring technologies to help our partners grow, while looking for additional options to deliver greater convenience and utility for our cardholders."

In a crowded mobile wallet marketplace, consumers are becoming increasingly interested in secure solutions to replace their physical wallets as merchant acceptance evolves. LoopPay technology enables existing point-of-sale infrastructure to accept contactless payments through mobile devices at the vast majority of retail merchants. Synchrony Financial views LoopPay as an opportunity to close this gap for its retail partners and their customers while offering an enhanced consumer experience and additional security features.

The terms of the investment were not made available.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit www.dh.comFind out more

Who is commenting?

A Finextra member Finextra Member Commented on: 5 innovations to make...
A Finextra member Finextra Member Commented on: Goodbye, Santander! Th...
A Finextra member Finextra Member Commented on: Why are we more intere...

Top topics

Most viewed Most shared
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
9339 views comments | 34 tweets | 40 linkedin
Monzo raises £4.8mMonzo raises £4.8m
9025 views comments
CBA and Wells Fargo combine blockchain and IoT to revolutionise trade financeCBA and Wells Fargo combine blockchain and...
8775 views comments | 26 tweets | 30 linkedin
hands typing furiouslyThe day I realized Fintech was becoming ju...
8403 views 2 | 23 tweets | 8 linkedin
China emerges as fintech powerhouse as UK dominance weakensChina emerges as fintech powerhouse as UK...
8070 views comments | 31 tweets | 27 linkedin

Featured job

Find your next job