LoopPay, a mobile wallet platform provider, today announced it has received an investment from Visa, according to a press release. The investment is part of a larger strategic funding round for LoopPay, announced earlier this month, which includes Synchrony Financial (formerly GE Capital Retail Finance) and other strategic partners not yet named, according to the announcement. 

"Visa continually evaluates and invests in new technologies that have the potential to transform mobile devices into secure payment vehicles," Jim McCarthy, senior vice president of innovation and strategic partnerships for Visa, said in a statement. "LoopPay has developed compelling technology that has the potential to enable merchants to accept payments from mobile devices using their existing point-of-sale infrastructure."

Payment cards, gift cards and loyalty cards can be securely loaded by consumers to their own LoopPay-enabled devices, or remotely provisioned by card issuers after proper user authentication and account setup, according to the press release. Payment card issuers can remotely provision not only static card data, but also tokenized or cryptographically signed payment data to provide more secure transactions for physical and online commerce.

LoopPay will also work with card issuers and app developers through its SDK to leverage its platform to enhance consumer commerce experiences via mobile, according to the announcement. It also has its own LoopPay app, LoopWallet, to help users store and organize all their payment cards, membership cards, ID cards and rewards cards.

"We are thrilled to have Visa as a partner and investor," Will Graylin, CEO of LoopPay, said in a statement. "We look forward to working with them and our other partners, including card issuers and device OEMs, to deliver the best possible commerce experience for both consumers and merchants alike as the world moves toward mobile payments."