To verify a shopper and validate a transaction, Loop's near field communication technology connects the shopper's wallet pass information and the retailer's online and offline data. Wallet pass information includes identification and payment card, and if appropriate, coupons and memberships. Transactions are safe and secure, according to the company.
"COVID-19 has created the perfect storm of relevancy for our platform," CEO Rob Anson said in the release. "The need for a digital transformation is at the absolute forefront, and our solution will play a large role in the transformational retail shift following this crisis."
The company stated that the contactless payment market is expected to expand to $18 billion by 2025 from $10.3 billion today, reflecting a compound annual growth rate of 11.7% during that period.
"With the retail market projected as the vertical to hold the largest market size during this forecast period, Loop is in a lucrative position, especially from Covid-19's push for contactless consumer interaction," the company noted. [NLINSERT]
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