New App Connects Mobile Wallets with Card Readers

New App Connects Mobile Wallets with Card Readers

February 27, 2014         Written By Bill Hardekopf

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.

The information contained within this article was accurate as of February 27, 2014. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Petal® Visa® Credit Card
EDITOR RATING
Petal® Visa® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.