NFC payments are quick, easy, and less germy than swiping a card — but they aren't as widespread as one might think. Samsung uses magnetic secure transmission (MST) technology to make Samsung Pay available at almost any payment terminal around the world, even if the merchant doesn't support NFC platforms like Google Pay or Apple Pay. Now the people behind that tech are back with a new product that promises to simplify the payment process for everyone. Read More
Samsung presentations always include a litany of buzzwords and redundant features, some of which are meaningless or borrowed directly from Google and Android, while others point to bigger aspirations. Today's announcement for the Galaxy S6 and S6 Edge introduced a new feature called Samsung Pay, a direct competitor to Google Wallet and Apple Pay. Even though this is just one more product that attempts to have consumers replace their credit cards with a phone, it carries a distinct advantage over NFC-based alternatives: it also works with traditional credit card readers.
Samsung Pay offers two methods for communicating with payment terminals: Near Field Communication (NFC) and Magnetic Secure Transmission (MST). Read More
There have been a number of rumors regarding Samsung's intention to build its own mobile payment platform to compete with Apple and Google, and maybe now we know how. The Korean company just bought mobile payment start up LoopPay for an undisclosed sum. Using LoopPay is a little like NFC, but it works on 90% of payment kiosks using standard magnetic stripe readers.