Samsung Pay Launches with NFC and MST

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Samsung Pay Launches with NFC and MST

Samsung Electronics has acquired the Magnetic Secure Transmission (MST) technology of LoopPay. Terms were not disclosed. MST emulates the same magnetic field change that occurs when a mag-stripe card is swiped across a read head. A mobile wallet payment app in a handset can work with MST — a current transmits card data from secure memory to a magnetic read head to initiate a transaction. Merchants don’t have to change their EMV or mag-stripe terminals, software, or IT infrastructure to have their magnetic-stripe readers become receivers for contactless payments from smartphones. MST can...

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Nilson Report

1058

March 2015

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Samsung Pay Launches with NFC and MST

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