A US-based company called LoopPay is planning to enter Indian market in the year 2015. The company will be here with its patented technology that would facilitate payment by just placing mobile phones beside a normal card reader at retail stores. The company was founded in the year 2012. LoopPay currently offers the device charge case for $59.95 (approximately Rs. 3,650 in INR) and that too for only iPhone users at the moment. The LoopPay Card costs $49.95 that is roughly Rs. 3,038 in terms of Indian currency's.
The company has developed a magnetic transmission support technology in form of a mobile cover and card. The firm has its own mobile app in which, credit or debit card details can be loaded in LoopPay's mobile phone applications. LoopPay's CMO Gregory Mann, at a Consumer Electronics Show in CES event said that he was looking forward to expanding their presence in late 2015 which would include India as well. We believe India, China and Japan would have an appetite for this technology.
Now the question arises as to how does it work? A user can select the card on mobile phone application from which he wants to pay, and touch the cover on any normal card swipe machine to pay and the transaction will take place. This magnetic secure transmission technology – MST from the company LoopPay produces the changing magnetic fields over a short period of time. This is an highly trained technology that runs through an inductive loop. This in turn can then be received by the magnetic read head of the credit card reader.
Now the question arises as to how does it work? A user can select the card on mobile phone application from which he wants to pay, and touch the cover on any normal card swipe machine to pay and the transaction will take place. This magnetic secure transmission technology – MST from the company LoopPay produces the changing magnetic fields over a short period of time. This is an highly trained technology that runs through an inductive loop. This in turn can then be received by the magnetic read head of the credit card reader.
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The signal established from Loop emulates the same magnetic field change as a mag- stripe card when swiped across the same read head. This works within a distance of 3-inch from the read head. Mann said that the app would be password protected so that in the eventuality of the phone being stolen, Loop app would not be usable by any body else.
Author : Abdul Razzak
Designation: Associate Blogger
Bio: Abdul Razzak is one of the top students of Mahatma Gandhi University with excellent GPA throughtout its graduation. He is passionate towards network topology management and highly challenged troubleshooting issues. Come and meet him here.
Bio: Abdul Razzak is one of the top students of Mahatma Gandhi University with excellent GPA throughtout its graduation. He is passionate towards network topology management and highly challenged troubleshooting issues. Come and meet him here.
