In The Loop
Over in Apple Land all we hear about as far as commerce is concerned is Apple Pay. This system which allows you to use your iPhone 6 to purchase things without signing is very cool and has made a lot of headway with banks but so far merchants are a little reluctant.
There is another system however called LoopPay which has made some pretty serious inroads into the pay with your phone market place. One of the big advantages that LoopPay has is that it lets you pay with your phone at nearly any point-of-sale location across the US without requiring merchants to upgrade their hardware.
The other cool feature is that it doesn’t require that the user own a particular device like those NFC-based smartphones required for mobile payment services like google Wallet or Isis. 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 where you’re already dragging your credit card through. Just this proximity to the reader instigates the process to purchase as if you had swiped your card.
To make the system work the company came up with a way to induce a strong-enough magnetic signal to emulate the same signal you would get when you moved the magnetic stripe across the reader by swiping your credit card at checkout.
If you’d like to get started with LoopPay there’s a free App in the App Store. So if you’re waiting until next year to buy your iPhone 6 but really want to get into swim of things check out LoopPay.
If you have any suggestions or questions for me please drop me a note at email@example.com or see my column on the Internet at http://www.santabarbaraproperties.com or call me at (805) 729-0910
Gary Woods is the Computer Trainer for the Santa Barbara Association of Realtors and he is a Broker/Associate at Sotheby’s International Realty.