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LoopPay expands OEM partnerships

Trident Case and XPAL plan to embed company's MST technology into device cases and covers to conduct mobile payments.

Mobile wallet provider LoopPay Monday Tuesday announced two new OEM partners that will embed the company's technology into their products to let consumers turn their smartphones into mobile wallets, according to a press release.

LoopPay said its recent efforts are part of a plan to work with OEM partners to embed its patented technology into a broad array of devices, from cases and accessories to wearables and smartphones.

The two new OEM partners announced at the Consumer Electronics Show include XPAL Power (subsidiary of TennRich International, which manufactures products for companies like Mophie and Belkin), and Trident Case, a ruggedized phone case manufacturer, with many other partners in the pipeline. LoopPay is also working with chipmakers to embed LoopPay's technology and security into silicon, making it easier for future OEM partners to incorporate LoopPay into their devices, according to the announcement.

LoopPay's patented Magnetic Secure Transmission technology can send standard mag stripe card data or send one-time-use tokenized card data to existing merchant POS systems, according to the announcement. The company said this technology makes it possible for its product to be accepted at 90 percent of merchant locations.

XPAL Power is expected to embed the MST technology into its products, including a new back cover for the Samsung Galaxy S5 coming in early 2015.

Trident Case has also entered into a strategic alliance with LoopPay to bring to market a new series of rugged Trident smartphone cases that include MST technology. Trident is developing a LoopPay-ready case for the Samsung Note 4 with availability later in 2015.

"Consumer interest in mobile payments has skyrocketed recently," Will Graylin, CEO of LoopPay, said in a statement. "However, to reach widespread adoption and usage, consumers need a technology that's secure and convenient. Convenient means letting consumers use the cards they want at the places they shop (what a wallet should do). We invented a solution that lets users digitize all of their cards and works virtually everywhere. We want to deliver the kind of convenience that can start shifting people to rely on their mobile wallets and leave their physical wallets at home."