Synchrony Financial, the about to IPO GE Capital spinoff, has announced a strategic investment in mobile payments company LoopPay. Loop will provide Synchrony with unique benefits and features for its retail partners and cardholders. Synchrony is the largest provider of private label credit cards in the United States based on purchase volume and receivables and has 62 million active accounts.
“These types of investments demonstrate our commitment to innovation and growth in the emerging payments space,” said Margaret Keane, president and CEO of Synchrony Financial in a released statement. “We are continuously exploring technologies to help our partners grow, while looking for additional options to deliver greater convenience and utility for our cardholders.”
LoopPay technology allows user to pay with via smart phone at most retail merchants existing point-of-sale systems. The company recently introduced the LoopPay ChargeCase, which both extends the iPhone battery charge by about 60 percent and allows consumers to pay with their iPhone 5 or 5s at any card swipe reader.
Synchrony Financial’s investment in LoopPay grows from a desire to close the mobile gap for its retail partners and customers, while also offering a secure and enhanced customer experience immediately. There is no requirement on the part of the merchant for a system update to accept mobile transactions made via LoopPay.
The terms of the investment were not made available.