Inside Secure today announces it is providing security hardware, software and payments industry expertise to LoopPay (DBA Loop (TM)), a mobile commerce platform provider launching an innovative m-Wallet solution that works with nearly all of today's retail point-of-sale (POS) terminals.
Loop selected the INSIDE VaultSEcure secure element to enable payment card data storage for its LoopWallet(TM) solution. INSIDE also collaborated with Loop to create a technical specification for LoopWallet and developed an applet to enable it to perform secure electronic payment transactions with the tens of millions of mag-stripe card readers already in use.
"There are hundreds of mobile wallet solutions out there today, but they don't work at retail locations because the stores' POS terminals can only read mag-stripe cards," said George Wallner, Loop's founder and chief technologist. "Our breakthrough Magnetic Secure Transmission technology is now combined with industry security standards. With the help of INSIDE we can make the real value of a mobile wallet available to consumers for the first time."
The LoopWallet is being introduced today at the Money2020 conference and exhibition in Las Vegas during the LaunchPad360 event.
INSIDE's payment industry and security expertise enabled Loop to develop the detailed product definitions and specification required to assure card issuers of the effectiveness of their solution's security.
The LoopWallet uses magnetic induction to securely communicate the credit card information stored in the wallet to mag-stripe POS terminals. The INSIDE VaultSEcure product stores all payment card and other mag-stripe card information securely in certified hardware. The specially developed INSIDE applet applies technology originally developed for Near Field Communication (NFC) to securely transfer that data to the terminal. The INSIDE applet, together with the certified hardware platform, assures transaction security. The wallet can also receive data from the terminal, such as promotions and other relevant offers for value-added services.
Loop is led by mobile commerce pioneer Will Graylin and payment POS pioneer George Wallner. The company includes an experienced team of industry veterans who have developed the world's first and only mobile wallet solution that works with the vast majority of retail POS terminals. The company has already signed agreements with some of the largest global payment providers and is in active discussions with many more on the distribution of its products and services.
"We are excited to be working with an innovative company like Loop to provide the security hardware and software they need, as well as applying our payments industry expertise, to ensure the successful launch of their new Loop mobile payment solution. We look forward to building our relationship over time as Loop introduces additional form factors and solutions," said Didier Serra, founder and US general manager at INSIDE Secure. "This partnership demonstrates how our industry-leading solutions and expertise can improve time-to-market for companies like Loop and help ensure their success."
VaultSEcure IC is the first standalone secure element from INSIDE Secure. It is the first in the industry to offer a full complement of external interfaces for host connectivity. The VaultSEcure IC has the greatest memory capacity in its class today. Its operating system is Java Card 3.0.1 and GlobalPlatform 2.2 compliant.