New App Connects Mobile Wallets with Card Readers
One of the main reasons many credit cardholders are not paying with a mobile wallet is because most retailers do not have the processing machines that work with this technology. It may take years for all retailers to install mobile-friendly card readers, so many consumers will be stuck swiping their cards.
Or at least, that was the case until Loop Fob came along.
Loop Fob is an app and an iPhone case that work together to make any phone into a virtual credit card. The case communicates with the reader on traditional credit card machines to send signals that act like the magnetic strips on credit cards. The machine thinks the card has been swiped, when all you did was put your phone next to the terminal.
In order to load cards into your mobile wallet, you have to use a dongle that connects to the phone’s headphone jack. This looks similar to the one used for PayPal Here or Square. You just have to do this once and the dongle is part of the Loop Fob package.
The LoopWallet app is free to download from the App Store, and the card reader can be purchased online for $39. The iPhone case necessary to put all of this together will cost $99 and will be available for purchase later this year.