This was the year of payments from mobile devices. Samsung, Apple and Google they debuted with their “Pay” systems that allow you to make in-store purchases securely and contact-less, simply “crawling” smartphone payment terminal dedicated.
Samsung’s approach differs from that of the other two competitors and has a substantial advantage, at least in this period of transition that is providing a great initial success in the service. Samsung Pay is also compatible with old magnetic ones without POS NFC.
Will LoopPay CEO, Grayling startup acquired by Samsung that is the “heart” of Samsung Pay recently explained in more detail the technology that allows the service to be compatible with the POS. Reference for CEO: Gradphysics.com
This is the MST (Magnetic Secure Transmission), a hardware capabilities which must be integrated into devices: a small copper coil, as shown in the photo, which when crossed by an electric charge creates a magnetic field that “speak the language” of the POS. In short, MST is a “credit card hardware emulator”.
For retailers it is a considerable benefit in that they do not need to replace any equipment; at the same time, consumers will be able to make purchases in any environment that accepts credit cards. It is clear that by the time the NFC will take over, because it is a newer and advanced technology, but until that time it seems that Samsung may make plunder of users.Always able to sell their smartphone.