VANCOUVER, BC, July 27, 2020 – Loop Insights Inc. (MTRX:TSXV) (the “Company” or “Loop”), a…
Loop’s Ultimate Guide To The Mobile Wallet
The rise of the smartphone has created a new era of connectivity,…
The rise of the smartphone has created a new era of connectivity, with mobile applications driving innovations including Uber, Airbnb, DoorDash, and many other mobile services. While a number of leading mobile platforms have developed their own applications, the power of the native Wallet platform found on most iOS and Android devices offers powerful features without the need to download a new app.
“With Wallet, you can use passes on your iPhone to check in for flights, get and redeem rewards, get in to movies, or redeem coupons. Passes can tell you the balance on your coffee card, your coupon’s expiration date, your seat number for a concert, and more.“
The mobile Wallet pass allows for complete customization of different fields and visual elements, allowing Loop to customize each Wallet pass for different brands and companies. As part of Loop’s Wallet pass platform, templates for Event Tickets, Coupons, Loyalty Cards, Boarding Passes, and Generic Passes are available for customization. On the front of the Wallet pass, companies can deliver text, images, barcodes, numbered fields, and links to integrated iOS / Android applications for further functionality. On the back of the pass, brands can deliver custom trackable URLs, email addresses, phone numbers, HTML links, and in-app links to drive promotions and engagement.
Unlike traditional iOS and Android applications, the Wallet pass functions as a native application that can operate “above” the lock screen, allowing users to access their Wallet pass without the need to re-enter a password. Push notifications can also be sent above the lock screen, providing unprecedented access to customers on the platform.
In lieu of physical credit or debit cards, the Wallet pass allows for smartphone users to carry digital versions of their preferred payment and membership cards, which can be used to make purchases using the Wallet’s integrated NFC capabilities, including the use of cryptocurrencies and non-traditional currencies or tokens.
The robust potential of Loop’s Wallet platform has already been leveraged by sports teams, retailers, and sponsors capable of running Loop’s platform in unison with traditional legacy platforms. By combining unique digital identification with payment functionality, the Wallet pass can be used as both a digital passport and credit card from a single platform. The unique ID linked to each Wallet pass can then be used by brands and operators to create personalized promotions and targeted marketing opportunities that can be integrated with the user’s preferred payment method.
Together, Passcreator and Loop Insights developed a venue management all-access Wallet pass that is designed to deliver real-time alerts, personalized engagement with customers, and AI-driven insights to clients. By integrating the Wallet pass platform with Loop’s SmarTap reader, clients are able to seamlessly onboard guests to their customized Wallet pass platform through the simple “tap” of a mobile device.
Based on the success of the initial development of Loop’s venue management platform, Loop entered into an LOI to acquire Passcreator in January 2021 in order to provide the company with complete control of its venue management platform and Wallet pass technology. The acquisition also provides Loop Insights with additional revenue streams and access to Passcreator’s tier-1 clients including Mercedes and BMW.
Since the acquisition of Passcreator, Loop Insights has continued to demonstrate the power of its venue management platform when combined with the company’s Wallet pass technology. Following the successful deployment of the company’s venue management platform at two NCAA basketball tournaments in 2020, Loop Insights has once again been selected to provide its venue management platform to the NCAA at the Big West Conference Championships in Las Vegas.