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Loop; pay with your cards without them there

Loop is a new app that thinks they finally solved the already tried problem of virtually paying with credit cards. They invented a way that a credit card reader can read your phone touchlessly and calls it Magnetic Secure Transmission. They also think they have the security figured out a well with the dongle (the device that the user will swipe their card through to load it on their from) checking to see that the same loaded on the card matches the name loaded into the app.

Whether people will trust this, or if it’s really worth the extra ten second of diffing your card out of your wallet is yet to be seen.

http://techcrunch.com/2013/10/19/loop-the-future-of-mobile-payments-or-a-temporary-fix/

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