Loop Mobile Wallet Funding Still Strong After Meeting Kickstarter Goal

Last time we looked at Loop, the mobile wallet and payment startup was at just over a quarter of its $100,000 goal on Kickstarter. Now, less than a month later, Loop has surpassed that goal by almost $20,000.

Founded by veterans of the payment industry, Will Graylin, and George Wallner, Loop will allow its customers to use standard POS systems to pay via their phones, bypassing a major hurdle in mobile payment adoption for many merchants. In order to do this, Loop utilizes magnetic card swipe readers (invented by Loop’s founders) that are found on nearly all POS systems, sending credit card information to it via the customer’s Loop phone case or keychain fob.

By eliminating excess hardware for merchants, Loop has created a truly viable option for mobile payments that could very well lead to significant adoption among consumers. Anyone looking to get in on the action and become a “Loop Jedi” still can—for the next 24 hours anyway.