Page 37 - GS140501
P. 37
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Graylin noted that the
Europay/MasterCard/Visa
(EMV) train has already
left the station, but it is
slow moving because
you have to lay the tracks
while the train moves.
Graylin noted that the Europay/MasterCard/Visa
(EMV) train has already left the station, but it is slow
moving because you have to lay the tracks while the
train moves. "We are leveraging the rails that are
already there for mag stripe cards, and we are simply
putting the mobile payments cargo on a fast speed
locomotive to get more secure transactions to their
destinations faster and much cheaper."
He added that MST capability enables Loop to deliver
not only the static track data commonly provided
today, but also one-time dynamic track data just like
EMV does; it also allows issuers to provide tokenized
data from the consumer's mobile device directly back
to the card issuer or the token service provider (TSP)
for an end-to-end secure transaction on the existing
mag stripe rails.
"We're not charging tolls to the issuers to utilize
this mobile, smart wallet channel, and we're not
taking away transaction revenue from the acquirers,"
Graylin said. "But we are allowing acquirers to offer
more to their merchants and share in the revenue
from delivering loyalty deals and rewards between
merchants and their consumers."
According to Graylin, Loop can be put into a new
smartphone for less than one dollar, and Loop is
working with various device OEMs to embed Loop
MST in a variety of mobile devices over the next year.
"The time has finally come for consumers to have a
better mobile payment experience," he said. "The
great news is merchants do not have to change their
infrastructure to accommodate and can leverage
Continued on page 54
37
Graylin noted that the
Europay/MasterCard/Visa
(EMV) train has already
left the station, but it is
slow moving because
you have to lay the tracks
while the train moves.
Graylin noted that the Europay/MasterCard/Visa
(EMV) train has already left the station, but it is slow
moving because you have to lay the tracks while the
train moves. "We are leveraging the rails that are
already there for mag stripe cards, and we are simply
putting the mobile payments cargo on a fast speed
locomotive to get more secure transactions to their
destinations faster and much cheaper."
He added that MST capability enables Loop to deliver
not only the static track data commonly provided
today, but also one-time dynamic track data just like
EMV does; it also allows issuers to provide tokenized
data from the consumer's mobile device directly back
to the card issuer or the token service provider (TSP)
for an end-to-end secure transaction on the existing
mag stripe rails.
"We're not charging tolls to the issuers to utilize
this mobile, smart wallet channel, and we're not
taking away transaction revenue from the acquirers,"
Graylin said. "But we are allowing acquirers to offer
more to their merchants and share in the revenue
from delivering loyalty deals and rewards between
merchants and their consumers."
According to Graylin, Loop can be put into a new
smartphone for less than one dollar, and Loop is
working with various device OEMs to embed Loop
MST in a variety of mobile devices over the next year.
"The time has finally come for consumers to have a
better mobile payment experience," he said. "The
great news is merchants do not have to change their
infrastructure to accommodate and can leverage
Continued on page 54
37
