Frequently Asked Questions
What is LoopPay™?
LoopPay is the world’s first mobile wallet solution that allows consumers to pay with their mobile devices at most places and leave their wallets at home. The LoopPay solution consists of two parts: the LoopPay App and a LoopPay device. The App manages and securely stores all payment cards including credit, debit, loyalty, and gift cards on the device. Currently, we offer four devices: the LoopPay Fob, ChargeCase, Card, and CardCase.
How does LoopPay work
Four simple steps:
- Download the free LoopPay app from the App Store or Google Play and order a LoopPay device from www.looppay.com/products.
- Set up your LoopPay account.
- Connect your LoopPay device, if you have one, to your phone and load all your payment cards including credit, debit, gift, rewards, and loyalty cards.
- When shopping, simply rest your LoopPay device against the credit card swipe slot where you usually swipe your credit card and press the button. Or, open the LoopPay app, enter your PIN and select the card you wish to pay with and tap the image of the card on the screen. You have made a payment. See the how to Get Started with step by step guides and videos.
What is the technology behind LoopPay?
MST technology generates changing magnetic fields over a very short period of time. This is accomplished by putting alternating current through an inductive loop, which can then be received by the magnetic read head of the credit card reader. The signal received from the device emulates the same magnetic field change as a mag stripe card when swiped across the same read head. LoopPay works within a 3-inch distance from the read head. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user.
What operating systems does LoopPay support?
LoopPay supports iOS 7 and above, and Android 4.3 and above. See the next FAQ for compatible smartphones.
Which phones are compatible with LoopPay?
LoopPay has devices compatible with both iPhone and Android.
- LoopPay Fob is compatible with the iPhone 4, 4s, 5, 5c, 5s, 6, and 6 Plus, as well as many Android smartphones.
- LoopPay ChargeCase is compatible with iPhone 5 and 5s.
- LoopPay Card is compatible with any iPhone 5, 5c, 5s, 6, or 6 Plus, as well as many Android smartphones. We continue to test new Android phones and operating systems and the Android Compatibility list is regularly updated.
- LoopPay CardCase is compatible with iPhone 5, 5s, 6, and 6 Plus.
What do I tell clerks and servers when I pay with LoopPay at checkout?
LoopPay is a new innovation and some merchants may not yet be familiar. May we suggest you start by saying something like, “Can I show you something cool? My Visa Debit card is stored on this LoopPay device.” (show your device) “Let me know when you are ready for me to swipe my card.”
Then, rest your LoopPay device against the swipe slot of the credit card reader and press the button, or tap the card image on the app screen to transmit payment. The amazed reaction of the merchant and shoppers around you is fun! For more information, check out our Get Started Guides and Videos.
What other great features does the LoopPay App have?
The LoopPay App also stores IDs, loyalty, and membership cards in addition to payment cards allowing you to truly leave your bulky leather wallet at home. You can add your driver’s license, work, gym, or big box store IDs, reward cards for anything from drug stores, to coffee shops, as well as library cards and insurance cards. Plus, there is a Lockbox feature where you can safely store passwords and other critical information you may need. Everything is safely password, PIN-protected, and encrypted.
What happens if I lose my phone?
Rest assured that your payment cards and LoopPay account information is safe. The information is encrypted as well as password and PIN protected to prevent access or use by others. However, if you have enabled Button Pay Always on your LoopPay device, we recommend you cancel your default payment card.
What happens if I lose my LoopPay device?
Rest assured that your information is safe. If you have enabled Button Pay Always on your LoopPay device, we recommend you cancel your default payment card. The rest of the information is encrypted and protected by your username, password, and PIN. As an added measure of protection, LoopPay is designed so no one else can use your LoopPay device with their account.
Do I have to have Wi-Fi or cellular connection?
We recommend you have a good Wi-Fi connection or, at minimum, a cellular connection when you first set up your LoopPay account and add your payment, ID’s, loyalty, and membership cards.
All payment cards you swiped into your LoopPay device are available with or without a cell or Wi-Fi connection. The only cards you might not see are “View Only” cards you added manually. However, the fastest way to pay is with your default Card using the Button Pay function enabled in your device settings.
How long does the battery last?
All LoopPay devices are designed to support between 200 and 300 transmissions or payment attempts. Typically, this means the device only needs re-charging every 30 to 60 days depending upon the number of transactions a user initiates.
Does LoopPay charge additional fees for the LoopPay App?
Beyond the purchase price of the LoopPay device, there are no additional fees for using the LoopPay App. There are no “per transaction” fees or recurring costs. The LoopPay App is free.
Does LoopPay support Chip and PIN (EMV) cards?
Yes. You can add chip cards to your LoopPay account today and use them at mag stripe readers (MSR) just like any other payment card. However, if the merchant POS terminal is configured to accept EMV cards, you will be instructed to use the physical card to make the transaction via the chip and PIN card reader. LoopPay will soon be announcing a solution that will address this inconvenience. More information on LoopPay and EMV.
How do I get help with LoopPay devices and the LoopPay app?
Visit our customer support site at support.looppay.com for helpful videos, step-by-step guides, articles, and solutions. If you can’t find answers to your questions, you can quickly create a support ticket for additional help.
What security prevents someone from using my Fob, and therefore, my default credit card if I lose it?
Can someone take my payment cards and store them in their LoopPay device and use them?
How does Magnetic Secure Transmission (MST) technology work?
Compared to NFC, programmable cards, or barcodes, what are the unique benefits for Loop’s MST solution?
How will EMV migration work in conjunction with LoopPay?
Will I be able to load Chip and PIN cards with Loop when EMV migration occurs?
Where does LoopPay store the mag stripe track data? Does it comply with PCI rules?
How does LoopPay handle the fact that by using this device the information being sent to the acquiring bank and then the issuer is Card Present (CP) vs. Card Not Present?
Will users be able to use Chip cards with LoopPay when EMV migration starts to occur in late 2015?
Will mag stripe readers still be around in the next few years with EMV enabled POS coming?
Is the LoopPay device safe when transmitting? Can LoopPay provide added dynamic security?
How can EMV cards and LoopPay MST jointly address fraud for cards and mobile respectfully?
What’s the history of the EMV solution?
What about backward and future compatibility?
What about using LoopPay around the world?
What do merchants think?
How do EMV terminals recognize and accept MST transactions to pass them on to the processor and issuers in an EMV world?
How will MST transactions be priced and what would happen with EMV liability shift?
- If the issuer is issuing a dynamic track via LoopPay, the risk is effectively gone so liability shift is mute for that card.
- If the issuer issues a 201 Chip card that is self provisioned by consumer and MST transmits into a mag only terminal, then the merchants bares the risk.
- If the issuer issues a static 101 track data transmitted by MST, into either an EMV or magnetic only terminal, the issuer bares the risk.