While credit cards are great in theory, they are also somewhat of a pain in the rear. They get old, and when they get old, their magnetic strips get worn out and though you try everything to get that card reader to read your card, it’s most likely not going to work. Besides the aging problem, your credit cards are also very easy for someone to steal and use without you even knowing about it until it’s too late. So, to sum it up, credit cards are great, except for the fact that they’re also a huge liability. Don’t let that fact stop you from utilizing all the great benefits of plastic, though.
New smartphone apps and devices are constantly being released that are supposed to change the way we live our lives, but few of them ever live up to their promises. The Loop Payment Fob may be one of the rare exceptions that actually lives up to the hype. The Loop can help you replace all of the plastic in your wallet, and you won’t even know you’re missing anything.
How In The World Does This Work?
While it may not look like much in the image above, the Loop has the potential to revolutionize the way we carry our money. What started as a Kickstarter project is now a reality. Here’s how it works: the white fob that you see attached to the iPhone above – it makes the credit card reader think you’re actually swiping a physical credit card through it. In other words, it’s able to outsmart the machine.
Once you buy the Loop fob ($40) you’ll need to use the app to physically swipe and enter all of your credit card information. You can even name each of your cards for easy selection later. Once that’s done, the Loop will remember everything for you and you can leave your cards at home. When you’re out and want to buy something using your credit card, all you have to do is open the app, type in a secure pin code, select the card you want to use, and wave your phone (with the Loop attached, of course) in front of the card reader and you’re ready to go! So far, the only places where you can’t use it is at gas stations and ATMs.
Admittedly, the Loop fob is a little bulky when it’s attached to the end of an iPhone. Don’t worry, though; there’s a case in the works that will remove the fob altogether and let you just swipe your phone in front of a credit card reader.
What do you think? Would you use it?
[Image via idownloadblog]