For years the consumer has heard a consistent and surprisingly believable rumor that very soon we will be able to pay for goods of almost any kind with our phones safely, securely and with maximum convenience. A simple scan of the phone, the rumor goes, at a grocery checkout, for example, & the amount would be debited immediately from the user’s account. However, as smartphones became more and more powerful, versatile, and advanced, that rumor seemed less and less remarkable & more like a puzzling absence in our honorary appendages, that is, our smartphones. As devices that now can answer detailed questions with voice response & literally track & store our every move; even able to listen to almost any song for seconds before identifying song name & artist, it seemed almost comical somebody hadn’t just stopped to give our smartphones the ability to use connect our checking/savings to our phones & without looking back, leaning heavily on phones as the central medium of payment for goods & services in the future.
Leaving cash, checks & credit cards behind in favor of what would essentially be a mix of the 3 in the phone, and any obstacles, much larger than the consumer imagined, were overshadowed as priorities under Security. According to many early reports, banks as large as Bank of America were pushing hard to produce the first payment-by-phone app that was efficient, effective, & absolutely full proof in terms of security. While Bank of America started almost exactly five years ago, only recently have viable and well-reviewed phone-as-payment apps become anything close to widespread & are becoming accepted at a growing number of retail & service-industry businesses. The businesses often determine the very success or failure of this kind of technology because until they accept it, it doesnt…
For more information, please visit LoopPay, Inc.
About LoopPay, Inc.
LoopPay invented the world’s first and only mobile payments solution that turns smartphones into a way to pay virtually everywhere. LoopPay’s patented technology transmits your credit/debit/gift card information in place of swiping physical credit cards so consumers may leave their wallets at home.