Monrovia's Green Dot, which specializes in prepaid credit cards, is moving into the "electronic wallet" arena with the purchase - for $43.4 million in cash - of Silicon Valley's Loopt, Inc., "a pioneer in mobile user interface design, real-time location-based mobile rewards marketing, and geo-location application technology." The press release says this will "provide the opportunity for Green Dot to become a leader in mobile wallets, rewards and payment solutions at retailers nationwide."
Opinion: Very cutting edge. Basically this means letting you use your cell phone as a credit card and probably giving you the option to get coupons as you walk by various stores.
- Brad Haugaard
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