![]() But in the U.S., its actual need may be limited as retailers scramble to meet an October deadline to replace older terminals with ones that are “chip” EMV-compatible, a technology that has been in used in Europe and Asia for years. ![]() MST provides a stopgap solution for mobile payments by covering merchants that continue to use magstripe readers as their primary way for making mobile payments. And in cases where only older terminals are available, Samsung Pay can use MST to emulate a swipe made by a traditional magstripe credit card, potentially opening up its use to 30 million merchants worldwide, according to the company. The latter was acquired by Samsung when it purchased LoopPay earlier this month.īy supporting NFC, Samsung Pay enables mobile payments through commonly found tap and pay terminals. With the launch of the Galaxy S6 and S6 edge, Samsung is getting into the payments game with Samsung Pay, which uses both near-field communication (NFC) and magnetic secure transmission (MST) technology. But how will smartphone users decide what to use? Here's a primer: on phones sold by AT&T, Verizon and T-Mobile.īarely a blip on the radar for years, the mobile payment market has grown to $50 billion in 2014 and is expected to reach $142 billion by 2019, according to research firm Forrester. But users can still chose Google Wallet, which will be pre-installed in the U.S. Samsung, the largest maker of Android-powered phones, will pre-install Samsung Pay on its devices. ![]() “Pick a card, any card.” With the launch of Samsung Pay, along with the Galaxy S6, the Korean electronics giant joins Apple and Google with a competing system that will make paying for things with a smartphone easier than ever.īut Samsung's Galaxy S6 has an advantage: Its magnetic transmission technology allows the phone to pretend it's a credit card, meaning more merchants will be able to accept mobile payments.Īpple Pay, which accounts for 1 percent of digital payments, according to ITG Research, has a head start and the advantage of locking in millions of iPhone users around the globe. 23, 2014, illustration photo in Sarajevo, Bosnia and Herzegovina. Logos for Apple and Samsung are seen in this Sept. ![]()
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