LoopPay Gets The Value of College M-Commerce
Campus Nation Network and mobile commerce platform provider LoopPay formed one of the most genius partnerships this week. Together, the two companies will provide mobile digital wallets to university campus communities across North America. "We share a vision to have smartphones act as a complete student wallet, which will host transaction payment cards and student IDs, thus eliminating the need to carry traditional wallets," said Will Graylin, CEO of LoopPay in a Campus Nation statement. Among the reasons we believe this move is genius is that college students – millennials – are some of the biggest users of digital wallets and m-commerce. In addition – and this is the most important fact – the value of the college retail market is astounding. Sales at U.S. college stores reached an estimated $10.45 billion during the 2011-2012 school year, according to the National Association of College Stores. But that just represents the stores on campus. Think of all the surrounding businesses – including retailers and restaurants – that benefit from spend by not only university students but also faculty and support staff. Tech-savvy college students are a great market for LoopPay and Campus Nation. 97 percent of students own a computer, and 94 percent own a mobile phone. The average college student owns six digital devices that they use more than 11 hours a day, according to Nationwide. They are the early adopters of technology, including digital wallets. The two companies are creating the Campus Loop product line, which will provide services to merchants on and around college campuses, along with students and faculty. "LoopWallet fully compliments CNN's strategy to fully serve the university and college markets with smartphone transaction capabilities, coupons and special offers, college-specific information, and other services," said Thomas Kuehle, president of Campus Nation Network, in the statement. The LoopWallet mobile wallet app enables customers to load their credit, debit, gift, loyalty, ID, and membership cards into a secure memory, accessed by their smartphone. Mag stripe card data is stored into a secure Loop chip inside a Loop Fob or Loop Charge Case accessory. The chip could eventually be embedded into phones. Through its patent pending Loop Magnetic Transmission (LMT) technology, the card data can be transmitted to existing POS terminals without any hardware or software change, according to the statement.