VANCOUVER, British Columbia, January 10, 2020 – LOOP Insights Inc. (TSX.V: MTRX) (the “Company” or “Loop”) is pleased to announce that it has signed a partnership agreement with ID TECH, a leader in the contactless payments industry.
Connecting Loop’s cloud-based Fobi device with ID TECH’s latest contactless Pip device offers a new and advanced engagement solution. It allows Loop to seamlessly reach customers through their mobile devices, using mobile wallets and passes. This channel is currently underutilized in AI retail strategies ─ retailers are lacking the ability to connect data and put it into action.
With the emergence of contactless card issuance and mobile wallets, the payment world is placing a significant emphasis on contactless acceptance. ID TECH has over a million of Near Field Communication (NFC) contactless devices deployed that are compatible with Apple and Google’s mobile wallets. This market access will leverage Loop’s first-to-market opportunity.
Loop’s and ID TECH’s joint debut in November 2019 at the Rockwell Automation Fair successfully demonstrated personalized mobile engagement that is fast and frictionless.
“ID TECH is very excited to be working with Loop Insights. Our Pip device connected to their innovative IoT hardware and managed by its cloud-based AI engine delivers an exceptional shopper engagement solution for any retail vertical. The interest and attention received at the Rockwell Fair is a testament to Loop’s ability to quickly deliver exciting customer experiences that are at the forefront of the market. 2020 will undoubtedly be an excellent year for the company!” comments Ginger Wu, ID’s Senior Product Manager.
Loop’s CSO David Salisbury explains: “People don’t hesitate to use their phone to interact when they see value in it. More customers are now inclined to opt-in to retailers’ loyalty programs—and the contactless device makes it easy. One simple tap unlocks personalized rewards for the consumer and highly detailed and actionable customer data for the merchant. This results in an increased revenue for both parties.”
In January 2020, both companies will showcase their device again, this time at the National Retail Federation (NRF) Show in New York — the world’s largest retail expo. This event operates as a global discussion on innovative, futuristic technologies that are anticipated to change the industry.
Loop’s CEO Rob Anson says: “We are excited to further share our latest innovation in the new year. Fast, frictionless, and scalable customer loyalty is necessary to stand out in the industry. ID TECH’s Pip device expedites our ability to provide personalized experiences for each consumer—a feature that will keep Loop on the cutting edge in the retail market.”
Forward Looking Statements/Information:
This news release contains certain statements which constitute forward looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
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