Will Graylin, an experienced tech entrepreneur and Founder of LoopPay (now Samsung Pay), has introduced a Fintech solution, called OV Valet – which is a secure Superkey and companion digital wallet app that supports touchless or contactless payments “at 94% of POS terminals.”
As mentioned in a release shared with Crowdfund Insider, Valet is part of OV Loop – which is Graylin’s new project that’s focused on “reducing the friction of commerce and enabling easier, safer transactions.” OV Valet will begin shipping during the first quarter of next year.
As noted in the announcement:
“Unlike the failed all-in-one magstripe cards, OV Valet uses NFC and MST contactless technology invented by OV Loop founders, that are already proven to work in hundreds of millions of Samsung smartphones. OV Valet stores multiple cards and transmits one time use tokens at 94% of existing card readers around the world, and the wallet app lets users safely pay online with dynamic card numbers to minimize fraud.”
Graylin said that he wanted to develop a mobile payments solution for “everyone, regardless of the smartphone they carry or where they choose to shop.” He also mentioned that NFC enabled devices are still not accepted at too many merchant outlets. He claims that OV Valet gives “everyone access to universal contactless payments.”
As noted in the release, OV Loop’s patented HCE technology allows users to pay with NFC on their mobile phones, and the app is able to manage different cards and can be used to suspend or unsuspend their Valet. It may be used to access transaction data, and can track or ring up their Superkey.
Valet can be fully managed through the OV Loop app. It doesn’t require a phone close-by to function, so users are able to bring Valet with them while they jog, go to the gym or at anytime when carrying a wallet or purse is not convenient.
The OV Valet may be pre-ordered here.