Boston — Mobile wallet platform provider LoopPay has unveiled an iPhone charging case that enables secure mobile credit card transactions while extending battery life.
The LoopPay ChargeCase integrates the company's magnetic secure transmission mobile payment technology, which allows existing magnetic-stripe readers at nearly every point-of-sale terminal to become contactless payment receivers without any changes to existing merchant infrastructure.
LoopPay also plans to enable banks to load their cards securely into LoopPay devices like the ChargeCase, so users can pay with these cards through their own mobile banking apps and LoopPay apps.
The LoopPay mobile app can be downloaded for free at the Apple App Store and Google Play.
To pay with the ChargeCase, a consumer places the back of the case against the swipe slot of the point-of-sale retail terminal and presses a button on the side of the ChargeCase. The transaction takes about three seconds compared with about 20 seconds for the average checkout with a plastic card from a physical wallet, the company said.
The ChargeCase is compatible with iPhone 5 and 5s and delivers about 60 percent additional power to the standard iPhone battery.
LoopPay said it delivers the highest level of payment card industry security through its patented technology, which encrypts and stores payment card data in dedicated hardware-secure memory, and provides various security protocols to protect against unauthorized access to consumers’ card data. If a user should misplace their Loop-enabled phone, the LoopPay app is locked and his cards will not be lost or compromised.
LoopPay is also working with payment card issuers to generate dynamic single-use card data for each payment transmission to significantly reduce fraud from magnetic-stripe data theft resulting from skimming or malware attacks at major retailers.