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

KdParker Avatar
93 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)
Drumjim85 Avatar
93 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)
KdParker Avatar
93 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)
sulpfiction Avatar
93 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)
Drumjim85 Avatar
93 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)
baryon Avatar
93 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

siir apple event april 20

Siri Reveals Apple Event Planned for Tuesday, April 20

Tuesday April 13, 2021 12:04 am PDT by
Siri has apparently prematurely revealed that Apple plans to hold an event on Tuesday, April 20, where the company is expected to reveal brand new iPad Pro models and possibly its long-awaited AirTags trackers. Subscribe to the MacRumors YouTube channel for more videos. Upon being asked "When is the next Apple Event," Siri is currently responding with, "The special event is on Tuesday, April...
apple event spring loaded

Apple's 'Spring Loaded' Event Officially Announced for Tuesday, April 20

Tuesday April 13, 2021 9:04 am PDT by
Following an overnight leak by Siri, Apple today officially announced that it will be holding a special "Spring Loaded" event on Tuesday, April 20 at 10:00 a.m. Pacific Time at the Steve Jobs Theater on the Apple Park campus in Cupertino, California. As with all of Apple's 2020 events, the April 2021 event will be a digital-only gathering with no members of the media invited to attend in...
apple event hashflag

Twitter Hashflag for April 20 Apple Event Goes Live

Tuesday April 13, 2021 2:21 pm PDT by
Following the overnight Siri leak and subsequent announcement that Apple will hold a media event on Tuesday, April 20, a new Twitter hashflag has appeared to help provide visibility for the event on the platform. For the last several recent events, Apple has utilized hashflags, which are little icons next to hashtags on Twitter, as a way to market its events. The company first started the...
iphone12cameras

Kuo: 2022 iPhones to Feature 48-Megapixel Camera, 8K Video, and 6.1 and 6.7" Sizes With No 5.4" Mini Option

Tuesday April 13, 2021 10:45 pm PDT by
The upcoming 2022 iPhone lineup will feature two 6.1-inch devices and two 6.7-inch devices, with no mini-sized 5.4-inch iPhone, well-respected Apple analyst Ming-Chi Kuo said in a note to investors that was seen by MacRumors. Two of the iPhones will be high-end models and two of the iPhones will be lower-end models, similar to the current iPhone 12 lineup. Apple introduced the 5.4-inch...
macos catalina serial number

Apple Preparing Rollout of New Randomized Product Serial Numbers Ahead of 'Spring Loaded' Event

Wednesday April 14, 2021 2:08 am PDT by
Apple is advising its authorized premium resellers and dealers to prepare for new products with 10 and 12 digital serial numbers, days ahead of when it's expected to reveal a slew of new products. MacRumors previously reported that Apple plans to switch to randomized serial numbers for future products starting in early 2021. The company now seems to be preparing for that roll-out, telling...
duanrui iphone13 notch samples

More Leaked iPhone 13 Samples Show Smaller Notch, Repositioned Earpiece and Front Camera

Wednesday April 14, 2021 1:06 am PDT by
Leaker known as "DuanRui" has today shared an image of two iPhone 13 "film samples," which show the same rumored smaller notch design coming to the iPhone 13 series that we've seen from other sources. In past tweets, DuanRui has accurately leaked the correct names of the iPhone 12 models and an iPad Air 4 manual revealing its new design, so there's good reason to think this leak is credible, ...
Google maps feaure green

Google Maps App for iOS Finally Updated After Four Months

Monday April 12, 2021 10:03 am PDT by
Following the completed rollout of App Privacy labels for its App Store apps, Google today updated the Google Maps app for the first time in four months. Apple in December began requiring all new app submissions and app updates to include App Privacy labels, detailing the data that is collected by the app so consumers know what they're sharing. Google didn't begin implementing App Privacy ...
iPad Pro Mini LED

Mini-LED iPad Pro Expected at Apple Event on April 20 as Production Ramps Up

Tuesday April 13, 2021 9:53 am PDT by
Apple today announced that it will be hosting a virtual event on Tuesday, April 20 at 10 a.m. Pacific Time, and one of the new products expected to be unveiled at the event is a new iPad Pro with a Mini-LED display. In a brief snippet shared with paid subscribers, Taiwanese supply chain news website DigiTimes today reported that Apple supplier Ennostar has substantially improved its yield...
apple event particularly innovative article

Gurman: Apple's 'Spring Loaded' Event Won't Feature Anything 'Particularly Innovative'

Thursday April 15, 2021 1:30 am PDT by
Bloomberg's highly-respected Mark Gurman says that he expects nothing "particularly innovative" or "extraordinary" to launch at Apple's "Spring Loaded" event next week, Tuesday, April 20. Gurman made the remarks during an interview for Bloomberg Technology, in which he reaffirmed that Apple will launch a new 11-inch and 12.9-inch iPad Pro, with the higher-end model featuring a brand new...
spotify car thing 1

Spotify Announces the 'Car Thing' as its First Hardware Device

Tuesday April 13, 2021 7:03 am PDT by
Spotify has today announced its first hardware device, the "Car Thing," which is an in-car dash-mounted music and podcast player (via TechCrunch). Spotify is looking to provide a product for customers who want a "more seamless" and personalized in-car listening experience, especially in the large number of cars that do not support modern in-car infotainment systems. The Car Thing is aimed ...