'Loop Fob' Allows Swipeless Credit Card Purchases at Any Traditional Swipe Terminal

by

While Apple is reportedly working hard on its own mobile payment service, Boston-based startup Loop has just released its own mobile payments device -- one that works at most traditional U.S. retail outlets. The Loop Fob is a small device that allows users to store credit card information on the iPhone, and then wirelessly pay at any traditional magnetic stripe reader.

LoopFob
It uses "Magnetic Secure Transmission" to create a small magnetic field via an inductive loop. That magnetic field is detected by the read head of a traditional swipe credit card reader, fooling the device into thinking a normal credit card has been swiped. As a result, the device allows any credit card to be digitally stored in an iPhone and used as needed. It's a direct competitor to the Coin prototype electronic credit card that attracted attention last year, only it's been released to the world already. Loop recently took a $10 million funding round based on the success of its Loop Fob Kickstarter campaign.

The Loop Fob can be used while attached to the iPhone, or it can store a single card and be used separately at restaurants and bars. The company says payment data is encrypted and stored on the Loop Fob device, and no credit card info is ever stored on the iPhone.

loop
Loop also has a dedicated $99 iPhone case in the works which will be released later this year. It will allow Loop owners to make touchless credit card payments without needing a separate hardware device. All the necessary technology will be built into the iPhone case. The fob will still be used to read credit cards for storage, however.

With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device. Partnering with payment card issuers, Loop’s technology can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card. Its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry – from smartphones to fobs, to charge cases, to smart watches, the possibilities are limitless.


The LoopWallet app can be downloaded from the App Store, while the Loop Fob adapter can be purchased for $39. The $99 Loop iPhone case will be released later this year.

Top Rated Comments

(View all)
Avatar
84 months ago
Seems like a waste of time to add an adapter then swipe my phone.

I could just as quickly (if not faster) used the actual credit card.
Score: 7 Votes (Like | Disagree)
Avatar
84 months ago
Also, all of these payment companies, coin included, will be dead next year when the US moves to Chip-and-Pin cards.
Score: 5 Votes (Like | Disagree)
Avatar
84 months ago

I think the point is that you don't have to carry a wallet full of credits with you.....


Right, so you carry some platic tab in your pocket/then tell app which card to use?

How is this more convenient?
Score: 5 Votes (Like | Disagree)
Avatar
84 months ago
Yeah, I want to carry a fob around in my pocket, then plug it into my phone when I want to buy something. Stupid!

Quicker to pull out my debit card.

----------

I think the point is that you don't have to carry a wallet full of credits with you.....


But this product isn't going to make me stop carrying a wallet..which contains my credit cards. The fob is just another thing to worry about it my pocket. This product just screams epic failure.
Score: 5 Votes (Like | Disagree)
Avatar
84 months ago

1. Loop is working with Gas and ATM vendors. Gas stations do have normal POS inside that will work with your Loop.
2. Many restaurants are now using the remote pay terminals that waitpeople carry around. Even the pizza delivery guy carries a POS with him.
3. Loop is working and testing each day to get closer to that 100%.


You obviously work for them, so tell me what happens when the whole industry move to Chip and Pin next year.
Score: 4 Votes (Like | Disagree)
Avatar
84 months ago
This just shows how not secure the old swipe method is: anyone with access to your card can "copy" it and then use it whenever and wherever they want, since no PIN in required to use it!
Score: 3 Votes (Like | Disagree)

Top Stories

Apple-Acquired Dark Sky Officially Shuts Down Android App

Saturday August 1, 2020 3:43 pm PDT by
Apple in March purchased weather app Dark Sky, and at that time, Dark Sky's developers said that the app's Android version would be discontinued on July 1, 2020. However, instead of shuttering the app on that date, the app's developers announced that the discontinuation would be delayed for another month. Now that it's August, Android users are no longer able to access the app, and...

Apple May Launch This Year's 'iPhone 12' Lineup in Two Stages, With 6.1-inch Models Debuting First

Monday August 3, 2020 3:14 am PDT by
Apple last week confirmed that its "‌iPhone‌ 12" launch will be delayed this year due to the ongoing global health crisis and restrictions on travel. Apple last year started selling iPhones in late September, but this year, Apple projects supply will be "available a few weeks later," suggesting a release sometime in October. We're expecting a total of four OLED iPhones in 5.4, 6.1, and...

Top Stories: Try the 5.4-Inch iPhone 12 Display Size, Blockbuster Earnings, Tim Cook at Antitrust Hearing

Saturday August 1, 2020 6:00 am PDT by
Another busy week of Apple news and rumors has wrapped up, with a lot of focus on Tim Cook's appearance at a Congressional antitrust hearing and a blockbuster earnings report. Subscribe to the MacRumors YouTube channel for more videos. We continued to hear rumors about the upcoming iPhone 12 lineup, including a rare admission from Apple that the lineup will launch "a few weeks later" than...

Just How Small Will the 5.4-Inch iPhone 12 Screen Be? Try It Out for Yourself

Tuesday July 28, 2020 12:57 pm PDT by
As rumors of the iPhone 12 have continued to build over the past few months, the one model that has the most excitement around it is the smallest 5.4" model. The iPhone 12 is believed to be coming in 5.4", 6.7", and 6.1" sizes. Dummy models have shown how much smaller the 5.4" is compared to the rest of the iPhone lineup. The upcoming 5.4" iPhone falls in-between the size of the original...

Unreleased iPod Touch with Mac Pro Glossy Black Finish Shared Online

Sunday August 2, 2020 11:32 am PDT by
Twitter user @DongleBookPro has today posted images of what seems to be a first-generation iPod Touch prototype with a 2013 Mac Pro-style glossy black finish. The Twitter user claims that the iPod Touch prototype pictured has "the same coating as the 2013 Mac Pro." Had the finish been selected for the final product, it also would have been similar to the metallic glossy black finish that...

Apple Confirms This Year's iPhone 12 Models Will Be a Little Bit Late

Thursday July 30, 2020 2:34 pm PDT by
During today's earnings call covering the third fiscal quarter of 2020 (second calendar quarter) Apple CFO Luca Maestri confirmed that Apple is expecting to release this year's iPhones later than usual. Maestri said that Apple last year started selling iPhones in late September, but this year, Apple projects supply will be "available a few weeks later." Multiple rumors have suggested that ...

Battery Likely for Upcoming Apple Watch Series 6 Filed in Certification Listings

Saturday August 1, 2020 5:46 am PDT by
A battery likely for the upcoming Apple Watch Series 6 has been filed at the Korea Testing and Research Institute and discovered by a Twitter user @yabhishekhd. Certification for a 1.17Wh battery with a capacity of 303.8mAh was issued on June 23 by the KTR, a Korean regulatory body that approves and tests new hardware ahead of public sale. The battery seems to be destined for a future...

Apple Watch Series 6 to Feature Blood Oxygen Monitoring Sensor

Friday July 31, 2020 1:56 am PDT by
The Apple Watch Series 6 will add blood oxygen monitoring to its features list when it's launched later this year, according to a new report from DigiTimes. Apple Watch 6 will feature biosensors that can monitor sleeping conditions, detect blood oxygen and measure pulse rates, heartbeats and atrial fibrillation, and will also incorporate MEMS-based accelerometer and gyroscope, all allowing the ...

Apple Marks Return of NHL With New 'Hockey Tape' Ad Shot on iPhone 11 Pro

Saturday August 1, 2020 2:33 am PDT by
Apple today marked the return of NHL hockey with a new "Shot on iPhone" ad on its YouTube channel in Canada. Titled "Hockey Tape," the 30-second video features Vegas Golden Knights players Marc-André Fleury and Mark Stone having some on-ice fun with the iPhone 11 Pro, which they attach to the boards, a hockey stick, and a skate with hockey tape. "See the game like never before with Ultra ...

Emails Reveal Why Steve Jobs and Phil Schiller Blocked In-App Purchase of Kindle Books

Friday July 31, 2020 6:25 am PDT by
Internal Apple emails, made public by the House Judiciary Committee's antitrust inquiry, have revealed information about why Apple blocked in-app purchases of Kindle books on iOS devices, reports The Verge. Two sets of emails between Steve Jobs, Phil Schiller, Eddy Cue, and various other senior Apple executives, disclose the exact thinking behind how Apple approached Kindle on iOS. The...