You know you’re a Finovate fan when you skip over the report that Visa and Apple are talking just to get to the news that Visa has made an investment in mobile wallet innovator, LoopPay.
In a statement, LoopPay CEO, Will Graylin said he was “thrilled to have Visa as a partner and investor.” Visa SVP of innovation and strategic partnerships Jim McCarthy praised the company’s technology, particularly the fact that merchants can accept payment via LoopPay using their existing point-of-sale infrastructure.
The investment from Visa is part of the larger funding round LoopPay announced a few weeks ago. Amounts have not been disclosed.
LoopPay’s innovation is its expertise in Magnetic Secure Transmission™ (MST) technology. The technology uses an app, a secure chip, and an embedded magnetic loop to collect, store, and transmit mag stripe data from our added cards to the POS terminal when making a payment. The loop is built into accessories such as the fob and, most recently, the LoopPay ChargeCase.
LoopPay made its Finovate debut at FinovateSpring 2014 in San Jose, winning Best of Show honors. The company was founded in 2013, and is based in Burlington, Massachusetts.