Mobile payments startup LoopPay has announced deals with XPal Power and Trident Case to embed its Magnetic Secure Transmission (MST) mag stripe emulation technology into a broad range of products including smartphones, wearables, cases and accessories, with “many other partners in the pipeline.”
“XPal Power is expected to embed MST technology into its products, including a new back cover for the Samsung Galaxy S5 coming in early 2015,” the company explains.
“Trident Case has also entered into a strategic alliance with LoopPay to bring to market a new series of rugged Trident smartphone cases that include MST technology.”
Trident is developing a LoopPay-ready case for the Samsung Galaxy Note 4 with availability planned for later in 2015. The company is also working with chip makers to embed LoopPay’s technology into silicon to make it easier for future OEM partners to incorporate LoopPay into their devices.
“I am excited to work with this great new mobile payment system and bring MST technology to the Galaxy S5, one of the world’s best-selling smartphones,” says XPal Power CEO Christian Scheder. “This technology will allow consumers to make payments with their phones almost anywhere they swipe a credit card today with existing merchant hardware — that means no new POS equipment is required.”
“Consumer interest in mobile payments has skyrocketed recently,” adds Will Graylin, LoopPay’s CEO. “However, to reach widespread adoption and usage, consumers need a technology that’s secure and convenient. Convenient means letting consumers use the cards they want at the places they shop.
“We invented a solution that lets users digitise all of their cards and works virtually everywhere. We want to deliver the kind of convenience that can start shifting people to rely on their mobile wallets and leave their physical wallets at home.”
• LoopPay’s Magnetic Secure Transmission technology is explained on pages 7 and 8 of the 11 October 2013 edition of The Mobile Wallet Report, which can be downloaded free of charge from the NFC World+ Knowledge Centre.