Unlike many of its competitors, LoopPay’s product does not require merchants to get a whole new set of hardware in order to accept mobile payments. LoopPay’s product uses a proprietary technology called Magnetic Secure Transmission (MST), which uses a secure chip to store and transmit data to existing POS terminals through a small low-cost inductive loop that can be embedded in a variety of devices, smartphones included. LoopPay is also taking a two-way approach, both with software and hardware. Along with its own mobile wallet app, LoopWallet, which stores customers’ credit cards and loyalty cards.

http://venturebeat.com/2014/07/24/visa-invests-in-looppay-mobile-payments-that-work-with-old-credit-card-hardware/?utm_source=dlvr.it&utm_medium=twitter