Seemingly like magic, the payment processes as if you had swiped your card as usual. Instead, consumers can either use a dongle plugged into their smartphone or a special charge case that is simply held close to the magnetic stripe reader (the place you swipe your credit card) at checkout. Nor do you have to own a particular device, like those NFC-based smartphones required for mobile payment services like Google Wallet or Isis. The company says it has invented a technology that lets you pay with your phone at nearly any point-of-sale across the U.S., without requiring merchants to upgrade their hardware.
Loop is a new mobile payments startup making some fairly big claims.
