Mobile Payment Solutions: Coin and Loop Which Store All Cards Information
Mobile Payment Solutions Coin and Loop Offer Convenience by Storing All Cards Details
Mobile payment solutions are beginning to develop. They are undoubtedly convenient and have a promising future. The NFC, or Near Field Communication, a wireless technology, is not as widely spread as it was expected. It was thought that NFC will catch on as a type of mobile payment solutions. It was expected to be used on mobile phones for payment, together with electronic wallets. The costs that have to be incurred for upgrading merchant terminals are hefty. Companies are looking for other mobile payment solutions. These solutions can work with current devices.
The Coin solution has been discussed by BGR here. It is the size of a credit card. But it bundles a number of cards. It has the data of a user’s cards stored on it. It also has a magnetic strip. But the strip can be edited. The user can tap a button on the Coin and choose the card he or she needs. Then the card is ready to be swiped by the retailer. The storing of information is easy. The Coin device is accompanied by an accessory which has a card similar to a mobile credit card reader. The reader can be attached to the phone.
Loop is another type of mobile payment solution. It has a LoopWallet app for iPhones. The app supports two mobile payment solutions which are physical ones. One of them is a gob which can be bought already. The other is a case for iPhones which is to come out for sale in April.
With the Loop fob and the LoopWallet users can load all their payment cards and membership cards on one device. Users can switch between cards on the fly. The fob can be used with almost all POS terminals. Unlike the Coin solution, it does not have a swipable component. Loop users the patented technology, Magnetic Secure Transmission. Thanks to it POS terminals accept it as card swiping. The fob can be plugged into the audio jack of an IPhone. The app for it helps users to add new cards. With the app they can also choose the cards they want to use as mobile payment solutions.
The fob and LoopWallet mobile payment solutions are protected by full data encryption. There are also two timer options for the fob. With these options a fob can be used for just short or long periods of time after the fob is disconnected from the handset. The periods can vary from minutes to hours.
Users can buy the fob for $39 from the Loop site. The LoopWallet app can be downloaded from the App Store. The Android version is coming in April.