LoopPay, a mobile payments solution provider, has received an investment from Visa as part of a larger strategic funding round announced earlier this month.
The investment includes Synchrony Financial, formerly GE Capital Retail Finance, and other unnamed strategic partners.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
LoopPay has developed Magnetic Secure Transmission (MST) technology which uses existing point-of-sale infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants.
MST has been designed to reduce reliance on magnetic stripes to store and transmit cardholder data. Instead, it uses a secure chip to store and transmit data to existing POS terminals leveraging a small low-cost inductive loop that could be embedded in a variety of devices, including smartphones.
Visa innovation and strategic partnerships senior vice president Jim McCarthy said, "Visa continually evaluates and invests in new technologies that have the potential to transform mobile devices into secure payment vehicles."
"LoopPay has developed compelling technology that has the potential to enable merchants to accept payments from mobile devices using their existing point-of-sale infrastructure."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFollowing proper user authentication and account setup, the payment cards, gift cards and loyalty cards can be securely loaded by consumers to their own LoopPay-enabled devices, or remotely provisioned by card issuers.
The company also owns LoopPay app, LoopWallet, which enable users to store and organize all their payment cards, membership cards, ID cards and rewards cards, offering users more convenience and better security than traditional physical wallets.
The terms of the investment have not been divulged.
