In today’s world, contactless payment is more than a convenience, it’s also a way to be safer by avoiding touching dirty terminals. NFC technology is getting more common, but there is still a long way to go. OV Valet from OV Loop, though, uses its own patented MST or Magnetic Secure Transmission technology to enable contactless payment at 94% of POS systems, including magnetic swipe card readers. Head below to watch the video and find out more details on the OV Valet.
OV Valet was developed by heavy hitters from the fintech industry. Will Graylin, former co-GM of Samsung Pay, has teamed up with George Wallner, formerly of Hypercom, to bring this superkey and universal wallet to more phones and more locations. Instead of being locked to a single device’s ecosystem, OV Valet works with most smartphones.
OV Valet: Video
OV Valet: What does it do?
Thanks to OV Loop’s patented MST technology, the OV Valet can store and transfer payment information to point of sale systems with magnetic stripe readers. When you’re ready to pay, just hold OV Loop close to a terminal and press the button.
OV Valet works just like a smartphone with NFC payment. Just hold the smart wallet near the NFC reader and press the button. At restaurants where they need to take your card to process your payment, just instruct them to hold the OV Valet close to where they would swipe a card and press the button.
You can still pre-order OV Valet for $69 before it goes up to the normal price of $99.
Security has always been a big concern with mobile and contactless payment, hence the popularity of RFID blocking wallets and OV Valet also has you covered here.
With the OV Valet, this digital wallet creates dynamic one-time use card numbers called tokens that are created when the button is pressed, so there is no way for the card to be scanned when not in use. And if the information is somehow stolen, the one-time-use token means the thief can’t use that card again.
OV Valet can also be frozen from the smartphone app, so if you do happen to lose it, you can rest assured that no one is able to use the payment methods attached to the OV Valet.
What can it store?
Through the OV Loop app, OV Valet can store multiple cards. These payment options can be set as the primary or secondary card. Press the button once to use the primary card and twice to use the secondary card.
But while the OV Valet is managed by the OV Loop app, a smartphone does not need to be close by to use payments from the OV Valet. It can be used untethered when out for a jog, at the gym, or anywhere else where a phone isn’t present.
OV Valet: Wrapping Up
If contactless payment sounds like something you want to do more often, be sure to check out OV Loop and OV Valet on their pre-order page.
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