I have been using my Loop for sometime now as an early adopter. The product really performs as stated which is something missing in the many mobile payment applications.
I see some people comparing it to Coin, NFC, Chip and Pin, etc. It makes sense that people would do that as there are so many horses in the mobile payments race right now.
Someone brought up Coin and the fact that it has a battery; not a rechargeable cell. It is also running Bluetooth and well as a processor and creating a magnetic field. There is one company that provides batteries for such a card and my calculations are that coin should last the average consumer about 2-3 months at best. To spend $100 on a 3 month card seems a bit crazy to me but it's a free market. Loop is rechargeable and has not battery issues. Buyer beware. Coin is vaporware right now. Loop is real. The companies website also reports that many more form factors are being releases so I have to give the guys kudos for delivering something more that a vision or a youtube video.
As far as NFC - are we still really having this debate?
NFC is dead for payments and has been for sometime. Waiting for NFC is like waiting for the predictions of the world ending according to the Mayan calendar. NFC is a great technology but not for payments. The largest NFC company in the US went under because the technology was never embraced by merchants.
The same is true for Chip and Pin in the US. Chip and Pin is a 30 year old technology and I have yet to see a retailer in the US using it. When 9 out of the 10 places I go into have chip and pin, then I will look more to chip and pin.
One thing I do know is Loop will work in 9 out of the 10 places I go into and that has meaning to me. Think about the millions of terminals in the US that need to be changed before a technology other than Loop's will work. These guys have done something pretty smart and incredible - they have created a mobile NFC-like payment mobile payment device that delivers the promises of NFC today and is as secure as Chip and Pin. What could be better?
I say kudos to Loop for taking an intelligent look at the market and engineering a solution that works! As mentioned, I've been a tester and a huge fan. Merchants are amazed; not frightened. The transactions are authorized just as if I had swiped and my wallet is sure a lot thinner. I look forward to seeing Loop embedded into my phone, my wearable, etc.
There is a shift coming in 2014 and these guys have done it.