What is LoopPay about? & Is it consumer facing app brand?
Yes, initially LOOP is a Wallet app that will be available in the APPLE Store end of year and ANDROID in Q1 to help consumers manage their digital money life. Consumers will be be able to buy hardware accessories for the app to use with their cards at the point of sale (POS).
On your website I see you are showing marketing & coupon/offers too so how does that work ? Merchant will create the deal & consumers have to use ANY credit card on your wallet or particular card only ?
Merchants will be offered a solution to create their deals and will be able to send their offers directly to their consumers via the app.
The app will also broadcast existing deals from major offer sites.
The hardware will not be a condition to get the deals since they can be pre-purchased with the cards on file and the Loop Checkout functionality.
Do you white label your app ?
We can although our initial focus is to sell direct to consumer
Other thing I noticed is you are providing a dongle like Square is it for merchants or for customers? The dongle if for consumers to load their cards securely to our secure storage area,
a. Is the dongle used for simply adding the card or it is used for paying at POS too ?
When the consumer buys a charge case the mini dongle is only for storing cards.
When the consumer only buys a dongle, then the consumer buys a larger dongle which connects via audiojack and is also able to transmit card data.
The dongle can work in offline mode with the last card used and stored with a simple press of a button.
What are you launching @Money2020 2013 ?
We are launching the first MST (Magnetic Secure Transmission) accessories: Dongle and charge pack.
a. What are main problems it is going to address?
It is addressing the issue that each mobile wallet in the market has: POS penetration. ISIS, Google Wallet, PayPal and MCX do not have more than 5% POS penetration frustrating end users. We start with a close to 90% penetration.
b. How are you planning to solve or disrupt the Kiosk space?
Our solution works with most vending machines or many unattended kiosks. The only place where it does not work are gas pumps and ATM.
How will retailers benefit from LOOP
LOOP offers five immediate benefits to retailers:
Zero change to their infrastructure and zero investment in additional hardware or software Ability to do their own prepaid/gift card redemption without having to upgrade to expensive 2D Barcode readers or NFC No Clerk training needed Faster checkout Ability to create offers easily and broadcast them to LOOP users (whether they have the hardware or only the app)What kind of IT integration would retailers need to do at their end
NONE. Zero.
How do you plan to address EMV based cards? Is your dongle compatible for EMV Contact and Contactless cards for addition & payments?
Our solution works today all around the world whether the readers are EMV or not. There is always and will still be for long a magnetic reader. We have done hundreds of transactions in France, Belgium, Italy, Germany, Russia, Australia, Indonesia, Brazil and Mexico.
We provide a similar level of security as EMV as we are embedded into an EMV Secure Element and we simply release the magnetic tracks securely exactly like NFC in fact.
Now, EMV will solve physical card security (at some cost). It will not do anything for mobile, talk of “EMV in the cloud” notwithstanding. NFC is an effective technology, but requires new readers. Also, it puts intermediaries between the card issuers and the cardholders. Like EMV, it represents a segmented, hardware oriented mentality that is a leftover from the off-line days.
The ultimate in mobile transaction security could be obtained through the use of one-time tokens. Issues of transaction tracking, acquirers’ ability to generate statements, etc., remain largely unsolved, and will require big changes to both the retailers’ and the acquirers’ systems.
Our ultimate goal is to send only dynamic data or tokenized data. We will come with solutions like this in 2014 far beyond when EMV mandates starts.
What is your opinion about Mobile Payments as a technology in terms of NFC based payments, QR Code, Barcode, cloud based which one do you think is robust, easy, scalable ?
Please see the above
Any plans for integrating your app with 3rd party solutions or financial institutions?
Please see the above
Your excitement about @Money2020 ?
We are excited by the opportunities of meeting with existing customers and potential partners that will be attending @Money2020.