LoopPay - Better than Google Wallet and Pay AND works everywhere

[kdarling]

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

A merchant is only responsible if the customer has a chip card, and the merchant only has a swipe reader.

So until everyone has a chip card... something that banks are dragging their feet on due to cost... merchants don't have a big incentive to switch.

 

[MasterRyu2011]

Nothing will ever replace one's wallet, until the government has found a way to implant an ID chip in a person's body to identify who they are. Then you have all of those other non financial cards. Until they can all be digitized, we'll still have to carry a wallet

 

[mattopotamus]

Nothing will ever replace one's wallet, until the government has found a way to implant an ID chip in a person's body to identify who they are. Then you have all of those other non financial cards. Until they can all be digitized, we'll still have to carry a wallet

Well you can pretty much carry everything digitally that is used to identify yourself. Your SS card should never be carried all the time anyways.

So really it just comes down to payments being all digital.

 

[cub850G2]

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.

I've been to many small markets and a few ma and pa restaurants that supported Contactless payments and quite often they had an emv slot as well. I'm sure that is because they lease their equipment and they get new equipment every so often. There are also local places with horrible equipment, but the same can be said for big retailers and companies too.
So I bought the loop fob for $10 and will hopefully test it out, but I'd still use use Contactless instead of a fob for paying. Still it should be a fun toy to freak people out with.

 

[jrswizzle]

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.

I went with Coin at first but recently ditched it in favor of Plastc.

To be honest, my go to will be Apple Pay from now on, but while it ramps up having Plastc seems like the best backup option.

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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....

Certain chains like Chili's and Olive Garden already have tablet pay stations at every table.

 

[tbayrgs]

I went with Coin at first but recently ditched it in favor of Plastc.

To be honest, my go to will be Apple Pay from now on, but while it ramps up having Plastc seems like the best backup option.

Plastc actually looks really cool, assuming it works as well as the renders in the video portray it does--can be used to replace just about everything in your wallet all with a single card. And you don't have to train a merchant how to use it. I'm just not sure if the convenience it provides it worth the asking price.

 

[jrswizzle]

Plastc actually looks really cool, assuming it works as well as the renders in the video portray it does--can be used to replace just about everything in your wallet all with a single card. And you don't have to train a merchant how to use it. I'm just not sure if the convenience it provides it worth the asking price.

Considering it can be recharged, I'm taking the chance.

 

[MasterRyu2011]

Well you can pretty much carry everything digitally that is used to identify yourself. Your SS card should never be carried all the time anyways.

So really it just comes down to payments being all digital.

I'm not sure what other countries are doing, but in the U.S, you still need to carry a physical license or ID. I'm sure no police officer, government authority, restaurant, retail store, or vendor is going to honor a digital copy or photo of it on your smartphone. The same is true with a Passport. So yes, at least for U.S. residents, we still gotta carry a wallet.

 

[mattopotamus]

I'm not sure what other countries are doing, but in the U.S, you still need to carry a physical license or ID. I'm sure no police officer, government authority, restaurant, retail store, or vendor is going to honor a digital copy or photo of it on your smartphone. The same is true with a Passport. So yes, at least for U.S. residents, we still gotta carry a wallet.

In the US they will honor a digital ID. They just need to be able to verify it belongs to you. The license number is enough to do that.

 

[Alphazoid]

I don't see how its better other than being available for use in more places.

Its yet another thing to carry (and lose) and you have to pay for a special equipment. In which case just use your existing card and be done with

Payment systems either have to be phone-based (everyone has a phone) or wearable based to have any hope of replacing the status quo.