US based technology firm LoopPay has revealed plans to enter the Indian market with its patented technology to facilitate mobile payment at retail stores.
The Magnetic Secure Transmission (MST) technology of LoopPay will generate changing magnetic fields over a short period of time to emulate a similar magnetic field change like the swiping of a magnetic stripe card in the read head of the card reader.
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The technology utilizes alternating current put through an inductive loop, which when transmitted is received by the magnetic read head of the credit card reader.
LoopPay’s technology, which comes as a mobile cover and card priced at $59.95 and $49.95 respectively, will support transactions at retail point of sales by placing mobile phones beside a normal card reader maintaining a distance of 3-inch or less.
LoopPay CMO Gregory Mann told Press Trust of India: "An 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 transaction will happen. There is no need for retailers to install any additional device like card readers or anything else to accept payment from mobile phone."
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By GlobalData
