Would you move to a mobile wallet if (a) your smartphone was accepted everywhere and/or (b) you weren't worried about its battery dying out? LoopPay seems to think so.
The mobile payments platform launched ChargeCase this week, a new product that enables iPhone users to make mobile credit card transactions at almost all retailers. The device also boosts the standard iPhone's battery power by about 60 percent.
ChargeCase uses the same technology as LoopPay's Fob, which transmits a payment method's magnetic stripe data to merchant terminals via an embedded loop of wires.
The Fob, launched in February, connects to Android devices and iPhones via the headphone jack. It allows consumers to load credit, debit and other cards onto the company's LoopWallet app. They can then use the Fob or the ChargeCase to make purchases with these cards by pushing a button at the point of sale.
(Confused? This video shows you how the technology works.)
Both devices are aimed at making mobile payments ubiquitous and seamless enough to spur widespread adoption, says Will Graylin, CEO of LoopPay.
"We have to start with the value proposition," he says. "We're just trying to get rid of a lot of these plastic cards," so people can leave their actual wallets at home.
The ChargeCase is available now on LoopPay's website for $99. It comes with a Fob, which normally costs $39.
The case is currently only compatible with the iPhone 5 and iPhone 5s, but "we have a lot more accessories that are coming and we'll eventually be embedding (the LoopPay technology) into phones," Graylin says.
What types of technology would motivate you to adopt a mobile wallet? Let us know in the comments below!
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