After having been available for iOS users for some time, Loop is now making its LoopWallet mobile payment app and accessory available for Android users. The mobile wallet accessory allows users to pay for goods and services at local merchants without relying on newer near field communications, or NFC, technology, making it compatible with more merchants.
Because the LoopWallet dongle sends the stored credit card information wirelessly to a credit card reader at merchant locations, merchants do not need to upgrade to newer point-of-sales systems that come with NFC technology. As such, Loop claims that its dongles work with up to 90 percent of existing payment terminals right now, rather than competing services like Google Wallet and ISIS that require NFC support.
In order to pay with Loop, users will need to order the $39 dongle and download the free app on the Google Play Store. You will need to run at least Android 4.2 on your smartphone to use Loop. Essentially, you'll swipe in your credit cards using the dongle, which will store the information on your card's magnetic stripe inside the app. Once you're ready to pay, you hold the dongle up to the credit card machine at your favorite store, press a button on the dongle, and the dongle will transmit the information allowing you to pay.