INSIDE Secure powers innovative mobile wallet solution from LoopPay

AIX-EN-PROVENCE, FRANCE: INSIDE Secure is providing security hardware, software and payments industry expertise to LoopPay (DBA Loop), a mobile commerce platform provider launching an innovative mWallet solution that works with nearly all of today's retail point-of-sale (POS) terminals.

Loop selected the INSIDE VaultSEcure secure element to enable payment card data storage for its LoopWallet solution. INSIDE also collaborated with Loop to create a technical specification for LoopWallet, and developed an applet to enable it to perform secure electronic payment transactions with the tens of millions of mag-stripe card readers already in use.

"There are hundreds of mobile wallet solutions out there today, but they don't work at retail locations because the stores' POS terminals can read only mag-stripe cards," said George Wallner, Loop's founder and chief technologist. "Our breakthrough Magnetic Secure Transmission technology is now combined with industry security standards, and with the help of INSIDE we can make the real value of a mobile wallet available to consumers for the first time."

The LoopWallet was introduced yesterday at the Money2020 conference and exhibition in Las Vegas during the LaunchPad360 event.