LoopPay now offers an iPhone charging case that doubles as a mobile wallet.

The product is aimed at allowing consumers to leave behind both their credit cards and charging cables. Users can make payments at the point of sale by placing the iPhone case next to a magnetic-stripe card reader. The case transmits a magnetic signal, which emulates the effect of swiping a card.

Similar products, such as the Isis Cashwrap sleeve for iPhones, typically rely on the use of Near Field Communication technology for contactless payments.

"People will love the ability to pay with their phones at point of sale, especially iPhone users who find themselves in need of a little extra juice to make it through the day," says Will Graylin, the company's chief executive, in a June 24 press release.

LoopPay encrypts all payments made with the charge case, which can provide a 60% charge to the user's phone, the company says in the release. Additionally, the company allows users who misplace their cases to lock their accounts.

The LoopPay ChargeCase is compatible with iPhone 5 models.

This is the second product release for LoopPay in recent months. The Boston-based company released its mobile wallet in February, as well as a fob that stores users' payment and gift card data.

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