The coming change
Following the news of the Target data breach, MasterCard and Visa teamed together in an effort to ensure the payment industry in America became safer. The group is set to ensure EMV -- the Europay, MasterCard and Visa security technology making cardholder data secure -- is adopted quickly in the United States. It also plans to address other security efforts.
But as the remarks of Visa President Ryan McInerney suggest, such changes are monumentally complex and require "collaboration between the retail and financial services industry on the issue of payment security." He later when on to say, "one industry or technology can solve the issue of payment system fraud on its own."
And while one firm isn't exclusively focused on the security exclusively, it is poised to bring about major change in the payments landscape.
The fascinating start-up
Loop has a patented technology which "scans, stores and organizes all your cards on a smartphone securely," and allows individuals to "pay at virtually every retailer today." The payment data of users is stored the Loop app and they can in turn pay with either the phone case or key fob offered by Loop at more than 90% of retailers across America.
Its technology is truly a game changer.
In the video below, Motley Fool contributor Patrick Morris chats with Loop co-founder and CEO, Will Graylin at the TRANSACT14 conference to discuss the technology his firm employs, and how it could benefit not only individuals and stores, but also the titans of the payments industry like Visa and MasterCard.
Patrick Morris has no position in any stocks mentioned. The Motley Fool recommends MasterCard and Visa. The Motley Fool owns shares of MasterCard and Visa. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.