LoopPay, the leading mobile wallet platform provider, announces today the availability of the LoopPay ChargeCase, the world's first iPhone charge case that enables secure mobile credit card transactions while extending battery life.
The ChargeCase allows consumers to leave their wallets and charging cables behind for the day while gaining the ability to pay with their phones just about everywhere they shop or dine. The ChargeCase is the second product LoopPay has introduced in four months, with several more products planned for market entry this year.
"Consumers have been asking for LoopPay capability in a charge case to extend their highly-integrated mobile lifestyles. We listened closely and are proud to present the first product of its kind in the world, the LoopPay ChargeCase. People will love the ability to pay with their phones at point of sale, especially iPhone users who find themselves in need of a little extra juice to make it through the day," said Will Graylin, CEO of LoopPay. "I believe every phone case and charge case should have LoopPay inside, giving consumers the ability to move about their day with a secure digital wallet so that they can leave their physical wallets behind for the first time with confidence."
The mobile payments market is poised for growth, but consumers have not adopted any of the mobile wallet solutions to replace their existing physical wallets due to the inability of previous mobile payment technologies to find wide acceptance at most retail locations. LoopPay technology turns existing magnetic stripe readers at nearly every point-of-sale terminal into contactless payment receivers without any changes to existing merchant infrastructure. LoopPay delivers the world's first mobile payment solution that is accepted almost everywhere, and can effectively replace traditional wallets. LoopPay also plans to enable banks to load their cards securely into their customers' LoopPay devices like the ChargeCase, and pay with these cards through their own mobile banking apps and LoopPay apps. The LoopPay mobile app can be downloaded for free at the Apple App Store and Google Play.
The LoopPay ChargeCase is compatible with iPhone 5 and 5s devices and delivers about 60 percent additional power to the standard iPhone battery. Even when the ChargeCase is depleted after transferring charge to extend the phone's battery, it still has sufficient power to perform more than 100 mobile transactions. To pay with the ChargeCase, consumers can simply place the back of the case against the swipe slot of the point-of-sale retail terminal and press a button on the side of the ChargeCase. The transaction is expedient, taking only about three seconds compared to about twenty seconds for the average checkout with a plastic card from a physical wallet.
LoopPay delivers the highest level of Payment Card Industry (PCI) security through its patented technology, which encrypts and stores payment card data in dedicated hardware-secure memory, and provides various security protocols to protect against unauthorized access to consumers' card data. If a user should misplace their Loop-enabled phone, the LoopPay app is locked and their cards will not be lost or compromised. LoopPay is also working with payment card issuers to generate dynamic single-use card data for each payment transmission to significantly reduce fraud from mag stripe data theft resulting from skimming or malware attacks at major retailers. LoopPay represents the true breakthrough for consumers to finally use their phones instead of plastic cards to pay, and leave their wallets at home.