OV Valet brings contactless payment to 94% of POS systems [Video]

While contactless payment has been becoming more widely used and accepted, there are still lots of stores and locations where NFC technology isn’t a payment option. OV Valet, on the other hand, is aiming to make contactless payment possible at 94% of POS terminals by combining NFC and their own MST, or Magnetic Secure Transmission technology for use with systems that have a mag stripe card reader. Head below to watch the video and find out more details on OV Valet.

OV Valet, from OV Loop, is a superkey and universal wallet developed by heavy hitters in the fintech industry. Former co-GM of Samsung Pay, Will Graylin has branched out with OV Loop to continue creating cutting-edge contactless mobile payment options. This time it works with any smartphone and nearly all POS systems.

OV Valet: Video

OV Valet: How does it work?

When you are ready to make a payment, just hold the OV Valet near the magnetic swipe reader at a POS terminal and press the button. The MST technology will transfer the information to the machine.

If there is an NFC reader, this will work the same way. Just hold the OV Valet close and press the button. If you’re dining and the wait staff needs to take your card to process a payment, just tell them to hold the OV Valet near where they would swipe a card and press the button.

In today’s world, being contactless is even more appealing as there doesn’t need to be physical contact with a card reader or potentially dirty terminals.

You can still pre-order OV Valet for $69 before it goes up to the normal price of $99.

Security

Security is a big concern with mobile payment. RFID blocking wallets are so popular because the information stored on cards in normal wallets can be stolen with special readers.

With the OV Valet, though, this digital wallet creates dynamic one-time use card numbers called tokens. These 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.

And, if you lose the OV Valet, you can freeze it and unfreeze it from a smartphone, ensuring that no one is using your digital wallet.

What can it store?

In conjunction with the OV Loop app, the OV Valet can store multiple cards which can be set as a primary or secondary payment option. Tap 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.