This week at the Mobile World Congress in Barcelona, Samsung and MasterCard unveiled a new mobile payment system called Samsung Pay. It shouldn’t come to anyone\u2019s surprise that Samsung would release an almost d\u00e9j\u00e0 vu-like mobile payment system just six months after the release of Apple Pay, but alas the company did and it might finally have a slight advantage over Apple \u2013 for now.<\/p>\n
According to Business Insider, Samsung acquired Magnetic Secure Transmission (MST) technology inventor LoopPay in February. Unlike Apple Pay, which requires the use of near-field communication (NFC), Samsung Pay \u201cwill work with any terminal with a standard magnetic stripe credit card reader and<\/em> NFC.\u201d This means that nearly 90% of merchants in the US are already capable of accepting LoopPay transactions over Apple Pay.<\/p>\n For April\u2019s release, Samsung will equip its new Galaxy S6 and Galaxy S6 Edge with Samsung Pay, but the software will not be available to use until this summer. Much like Apple Pay, the consumer can upload their credit cards by manually entering in the information or by simply taking a picture of the card itself. Once the information is stored, the consumer will have to use their fingerprint in order to access Samsung Pay. The transaction can then be completed through NFC or by placing the phone near the magnetic stripe on the credit card reader. By LoopPay\u2019s design, the metal coal inside the phone will generate a magnetic current to the credit card reader. Much to the consumer\u2019s delight, Samsung Pay automatically determines which payment method is compatible for the transaction before the consumer lifts a finger.<\/p>\n As far as security concerns go, Samsung Pay and MasterCard have worked diligently on this matter. Business Insider states that \u201ctransactions going through Samsung Pay will create unique tokens whether you\u2019re using an NFC terminal or a magnetic card reader.\u201d Each one-time use encrypted token is unique to that transaction and makes it highly unlikely for hackers to breach the system.<\/p>\n There has been no word on which companies will support Samsung Pay other than MasterCard, but since it\u2019s easily compatible with millions of retailers already, Samsung Pay shouldn\u2019t have any problem finding supporters once it is launched.<\/p>\n","protected":false},"excerpt":{"rendered":" This week at the Mobile World Congress in Barcelona, Samsung and MasterCard unveiled a new mobile payment system called Samsung Pay. It shouldn’t come to anyone\u2019s surprise that Samsung would release an almost d\u00e9j\u00e0 vu-like mobile payment system just six months after the release of Apple Pay, but alas the company did and it might… Continue reading The Apple Doesn\u2019t Fall Far From the Tree<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"post-template-no-sidebar.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24],"tags":[5],"class_list":["post-4806","post","type-post","status-publish","format-standard","hentry","category-retail-technology","tag-insight","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts\/4806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/comments?post=4806"}],"version-history":[{"count":0,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts\/4806\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/media?parent=4806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/categories?post=4806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/tags?post=4806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}