LoopPay - Better than Google Wallet and Pay AND works everywhere

[Lloydbm41]

We have been discussing the new LoopPay (card and FOB) system in another section on this board and thought I would bring it here, since it is OS agnostic.

LoopPay is essentially like  Pay and Google Wallet in that you don't need to swipe a credit card to pay for things. However, UNLIKE  Pay and Google Wallet, this works on nearly any credit card machine in existence today. And the app and hardware work with both iOS and Android.

Right now, LoopPay is selling the FOB for $10 (normally $30) and the LoopPay card is $50. Difference between these two is that the FOB is a large key FOB and requires your phone to enter your credit cards via the 3.5mm headphone jack. The LoopPay card (which is what I have) is a completely self contained electronic wallet with LE Bluetooth, so you don't have to connect your phone to it in order to add credit cards. It is also more compact and sleeker looking as well, IMO.

Homepage link to LoopPay: http://www.looppay.com

Images of FOB and Card:

Video:

 

[AppleRobert]

Pretty good discussion here:

https://forums.macrumors.com/threads/1840909/

I picked up a FOB but haven't used it yet.

 

[tbayrgs]

Looks pretty cool but a few cons as I see it:

1) Not really that small or slim, so you replace a bulky wallet with a slightly less bulky fob or card OR add a giant case to your iPhone 6/6+

2) Not really going add convenience when you will being constantly dealing with skeptical or unsure merchants. Yes, a great many have you swipe your card yourself at a front facing terminal but plenty still handle swiping the card themselves (especially restaurants) and walking them through using it, if they're even willing to do so, will just be an annoyance.

3) Unable to use it anywhere that requires you to insert your card fully and remove. Yes, I've seen the 'hack' on Youtube that shows you how to use your drivers license to activate the scan (another huge annoyance, IMO) but even that won't work with ATM machines. Thus, I'm still carrying around a card or two anyways.

I'm far more intrigued by Plastc as it will work exactly as existing products do (no training the merchant every time you use it) yet allows me to only carry a single card that's quite a bit smaller than either of the Loop options. Unfortunately it's quite a bit more expensive.

 

[jamezr]

Looks pretty cool but a few cons as I see it:

1) Not really that small or slim, so you replace a bulky wallet with a slightly less bulky fob or card OR add a giant case to your iPhone 6/6+

2) Not really going add convenience when you will being constantly dealing with skeptical or unsure merchants. Yes, a great many have you swipe your card yourself at a front facing terminal but plenty still handle swiping the card themselves (especially restaurants) and walking them through using it, if they're even willing to do so, will just be an annoyance.

3) Unable to use it anywhere that requires you to insert your card fully and remove. Yes, I've seen the 'hack' on Youtube that shows you how to use your drivers license to activate the scan (another huge annoyance, IMO) but even that won't work with ATM machines. Thus, I'm still carrying around a card or two anyways.

I'm far more intrigued by Plastc as it will work exactly as existing products do (no training the merchant every time you use it) yet allows me to only carry a single card that's quite a bit smaller than either of the Loop options. Unfortunately it's quite a bit more expensive.

Great points! Would also point out that this type of product will never replace your wallet. I for one carry way more than just credit/debit cards in my wallet. So this then becomes an additional thing to carry and worry about losing.....
The not so easy to use factor comes in when you have to re-educate merchants just to use the product.

 

[tbayrgs]

Great points! Would also point out that this type of product will never replace your wallet. I for one carry way more than just credit/debit cards in my wallet. So this then becomes an additional thing to carry and worry about losing.....
The not so easy to use factor comes in when you have to re-educate merchants just to use the product.

Well, to that point I believe you can load an type of card that works via mag strip (i.e. reward cards) but you're right on about using your wallet for other items. That's another benefit I see Plastc having--you can also load cards that utilize a barcode only (many reward cards) for use on the e-ink display.

I don't see any one solution completely replacing the need to carry a wallet. I'd just like to limit what I carry as much as possible. Ideally, everyone would adopt NFC readers so I can use my phone for just about everything since it's pretty much always with me. I'm also realistic in realizing that's probably not going to happen any time soon, if at all.

 

[mattopotamus]

A nice looking product, but it is really bad timing. Doesn't chip and pin officially take affect in October? Amex already sent me a card with the chip. It reminds me of coin. Did that ever go anywhere?

Also, how are restaurants responding to this? Are they actually taking them, or do they just look at you like wtf?

 

[tbayrgs]

A nice looking product, but it is really bad timing. Doesn't chip and pin officially take affect in October? Amex already sent me a card with the chip. It reminds me of coin. Did that ever go anywhere?

Coin hasn't launched yet either. I took a look at their info and videos earlier, seems similar to Plastc but slightly more limited. The advantage of both are being able to use a single card for nearly everything. I'll take a good long look at Plastc but it's still only tentative schedule for release in Summer 2015--long ways off.

 

[mattopotamus]

Coin hasn't launched yet either. I took a look at their info and videos earlier, seems similar to Plastc but slightly more limited. The advantage of both are being able to use a single card for nearly everything. I'll take a good long look at Plastc but it's still only tentative schedule for release in Summer 2015--long ways off.

My wallet looks slimmer than the loop card. I have my ID, Debit card, and Amex in this wallet
http://bellroy.com/wallets/card-sleeve-wallet#blue_steel

it doesn't have all of those plasitc things in the picture.

 

[Lloydbm41]

Great points! Would also point out that this type of product will never replace your wallet. I for one carry way more than just credit/debit cards in my wallet. So this then becomes an additional thing to carry and worry about losing.....
The not so easy to use factor comes in when you have to re-educate merchants just to use the product.

I have more than debit/credit cards on here. See below.

And the 'educating' a merchant entails telling them to hold this in the center of the swipe reader and hitting the button. Not very complicated.

 

[Lloydbm41]

A nice looking product, but it is really bad timing. Doesn't chip and pin officially take affect in October? Amex already sent me a card with the chip. It reminds me of coin. Did that ever go anywhere?

Also, how are restaurants responding to this? Are they actually taking them, or do they just look at you like wtf?

The owners of LoopPay say that their system will meet federal requirements. Time will tell.

 

[jamezr]

I have more than debit/credit cards on here. See below.

And the 'educating' a merchant entails telling them to hold this in the center of the swipe reader and hitting the button. Not very complicated.

Granted telling them how is one thing....them actually doing it is another. When a clerk or other sales associate is being told to step out of the normal way they have processed every other customer to accept your different instructions it starts to be come dicey. they might not accept your instructions. maybe ask for a mgr/supervisor for approval. If they have not been trained to accept this then and have to get instructions from another employee it will add time to the normal checkout.

I really don't want that token on my keychain.

 

[mattopotamus]

Granted telling them how is one thing....them actually doing it is another. When a clerk or other sales associate is being told to step out of the normal way they have processed every other customer to accept your different instructions it starts to be come dicey. they might not accept your instructions. maybe ask for a mgr/supervisor for approval. If they have not been trained to accept this then and have to get instructions from another employee it will add time to the normal checkout.

I really don't want that token on my keychain.

If I worked in a restaurant and someone handed me that, I would tell them we do not accept that payment you need to use a regular card. Can you verify Identify in any way?

 

[jamezr]

If I worked in a restaurant and someone handed me that, I would tell them we do not accept that payment you need to use a regular card. Can you verify Identify in any way?

That's what I was getting at. Then imagine a long line at a department store and having to through this with the sales associate.

 

[gotluck]

If I worked in a restaurant and someone handed me that, I would tell them we do not accept that payment you need to use a regular card. Can you verify Identify in any way?

I hear you, but I honestly cant remember the last time I was ID'd while paying for something via credit

It's no wonder fraud is what it is today

 

[kdarling]

A nice looking product, but it is really bad timing. Doesn't chip and pin officially take affect in October?

It's been predicted that only about 50% of US merchants will have switched over by then.

Remember, it's voluntary, and depends a lot on how much fraud they get.

Swipe cards will still be in use for years to come.

Moreover, as Apple Pay users know, there are some big companies that have turned off their NFC terminals, so you're back to swipe for them as well.

 

[tbayrgs]

Granted telling them how is one thing....them actually doing it is another. When a clerk or other sales associate is being told to step out of the normal way they have processed every other customer to accept your different instructions it starts to be come dicey. they might not accept your instructions. maybe ask for a mgr/supervisor for approval. If they have not been trained to accept this then and have to get instructions from another employee it will add time to the normal checkout.

I really don't want that token on my keychain.

Exactly. Go search for videos on YouTube reviewing Loop Pay. I saw one in particular where the user was taking it around to use and most merchants 1) had the most perplexed look on their face and 2) usually needed assistance from the user on proper placement of the device. He said there were also instances where the merchant refused to use it.

I get plenty of strange looks when I use my Apple Pay at merchants who actively participate in a program that's been pretty widely advertised. I can only imagine how this would go over.

 

[kdarling]

Looks pretty cool but a few cons as I see it:

1) Not really that small or slim, so you replace a bulky wallet with a slightly less bulky fob or card OR add a giant case to your iPhone 6/6+

Related: rumors claim that the next Samsung flagship will have LoopPay built in.

2) Not really going add convenience when you will being constantly dealing with skeptical or unsure merchants. Yes, a great many have you swipe your card yourself at a front facing terminal but plenty still handle swiping the card themselves (especially restaurants) and walking them through using it, if they're even willing to do so, will just be an annoyance.

Of course, that's true for wireless phone based payments as well. One solution will be what happens in the rest of the world: the waiter will bring a wireless register to your table.

 

[jamezr]

Related: rumors claim that the next Samsung flagship will have LoopPay built in.



Of course, that's true for wireless phone based payments as well. One solution will be what happens in the rest of the world: the waiter will bring a wireless register to your table.

No doubt that will be a tablet of some sort. Wave your phone over it to pay and the receipt is emailed to you....

 

[Lloydbm41]

Granted telling them how is one thing....them actually doing it is another. When a clerk or other sales associate is being told to step out of the normal way they have processed every other customer to accept your different instructions it starts to be come dicey. they might not accept your instructions. maybe ask for a mgr/supervisor for approval. If they have not been trained to accept this then and have to get instructions from another employee it will add time to the normal checkout.

I really don't want that token on my keychain.

well, in real world use, I haven't had a single problem other than needing to switch from debit to credit on my default debit card. Granted I haven't used it at a restaraunt or been to a place that has the pos terminal behind the counter.

My time spent per transaction has been identical to when I have used a normal credit card and faster than when I have used Google Wallet or  Pay, because both of those can be hit or miss.

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Exactly. Go search for videos on YouTube reviewing Loop Pay. I saw one in particular where the user was taking it around to use and most merchants 1) had the most perplexed look on their face and 2) usually needed assistance from the user on proper placement of the device. He said there were also instances where the merchant refused to use it.

I get plenty of strange looks when I use my Apple Pay at merchants who actively participate in a program that's been pretty widely advertised. I can only imagine how this would go over.

Hasn't been a problem for me. Home Depot, Lowes, Save Mart, Military Exchange, Chevron, Pet Smart, and so on. Every place thought it was pretty cool and asked where I got mine.

 

[m98custom1212]

I need try this just because I like technology.

 

[tbayrgs]

well, in real world use, I haven't had a single problem other than needing to switch from debit to credit on my default debit card. Granted I haven't used it at a restaraunt or been to a place that has the pos terminal behind the counter.

My time spent per transaction has been identical to when I have used a normal credit card and faster than when I have used Google Wallet or  Pay, because both of those can be hit or miss.

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Hasn't been a problem for me. Home Depot, Lowes, Save Mart, Military Exchange, Chevron, Pet Smart, and so on. Every place thought it was pretty cool and asked where I got mine.

I wasn't referring to self payment where you can swipe the card. You said it yourself, you haven't had to hand it to a waiter or a merchant behind a counter for processing. Those situations will probably grind to a halt while you convince them to use it, instruct them on its use and correct any problems they'll likely encounter. And unlike Apple Pay or Google Wallet, it's not going to get much better with time because adoption of a device like this will be for a small niche at best.

Like I said, I think it's pretty cool, just not a great implementation and doesn't add significant convenience over current payment methods, IMO.

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Related: rumors claim that the next Samsung flagship will have LoopPay built in.

That would be a better implementation. Having both NFC and Loop Pay integrated into a device we're already carrying would be a much better solution.

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No doubt that will be a tablet of some sort. Wave your phone over it to pay and the receipt is emailed to you....

I've actually started seeing this more often at merchants and it's a welcome sight. Some big restaurant chains had added wireless terminals at all their tables for processing orders and payments.

 

[I7guy]

I hear you, but I honestly cant remember the last time I was ID'd while paying for something via credit

It's no wonder fraud is what it is today

In NY, NJ, Pennsylvania I never get asked for ID. Never.

Arizona, California, Oregon asked for ID, though not every purchase. It seems to vary by state.

 

[Michael Goff]

And this is part of the reason why mobile payments will never reach critical mass.

 

[mattopotamus]

It's been predicted that only about 50% of US merchants will have switched over by then.

Remember, it's voluntary, and depends a lot on how much fraud they get.

Swipe cards will still be in use for years to come.

Moreover, as Apple Pay users know, there are some big companies that have turned off their NFC terminals, so you're back to swipe for them as well.

True, but considering they will be responsible for fraud if they do not switch I would think all major retailers would adopt it.

 

[tbayrgs]

True, but considering they will be responsible for fraud if they do not switch I would think all major retailers would adopt it.

I don't think the major retailers were ever going to be the problem--it's the smaller business that will be slower to adopt new processing tech. I have experience working in risk management/loss prevention in the credit card industry, including merchant processing and small businesses doesn't want to spend more than the minimum on processing (fees or equipment) and won't quickly change to new equipment. That may certainly change once they experience significant fraud but for merchants not seeing many high risk transactions (i.e. Restaurants with smaller transaction amounts), unless mandated, you won't see widespread adoption.