Samsung pay on galaxy s6 debuts at mwc informationweek. Mst stands for magnetic secure transmission, and only samsung. Magnetic secure transmission mst is a technology that emits a. Samsung galaxy tablets are building customer loyalty and boosting sales at specialty retailer avenue. The samsung pay and lg implementations of mst use secure emv. One of the best lowkey benefits of samsungs galaxy flagships is magnetic secure transmission mst payments, which allow you to use your. Simply swipe up from the bottom of the screen to launch samsung pay, select your card, authenticate with your fingerprint or pin, and tap on the near field communication nfc contactless reader or the magnetic secure transmission mst card reader. The consumer is then asked to scan their fingerprint using the builtin reader on their device, or to enter a pin. The notsosecret weapon in samsung flagships android. Samsung pay has all the tools it needs to surpass apple pay. If you place backside of the device near to the swiping area of the pos machine,it reads the card through magnetic sensor which is present only for flagship models of samsung whereas.
Not every retailer is on board with nfc yet, so samsung pay can also use magnetic secure transmission to work on terminals that still rely on swiping credit cards. How will samsung pay work on terminals without nfc. Read about how magnetic secure transmission technology is boosting the use of mobile payments. Samsung pay allows you to pay with your digibank debit card using your samsung phone, by leveraging new technologies called magnetic secure transmission mst and near field communication nfc.
The phone emits a magnetic signal that emulates the magnetic strip found on the back of a credit or debit card. Samsung pay is only supported by certain carriers almost all of them stateside. Magnetic secure transmission, or mst, is an advanced technology that helps power samsung pay. Samsung pay uses both nearfield communications nfc and magnetic secure transmission mst technology from. Unlike apple pay, however, samsungs new platform also uses the companys proprietary magnetic secure transmission mst technology to allow for cashless payments at virtually any traditional register that accepts credit cards. Samsung pay says it will use magnetic strip tech to. Samsung pay will soon be rolling out to us customers and we had the chance to spend some money this weekend. The company released magnetic secure transmission as part of its samsung pay program. Actually, samsung pay supports nfc, magnetic secure transmission mst, and barcodes for mobile payments. Does the absence of magnetic secure transmission in the new samsung galaxy watch matter.
Samsung pay is a payment system that you can use with your samsung smartphone recent models. But what makes samsung pay so awesome is that it also works with traditional payment terminals and card machines by using mst magnetic secure transmission technology. Magnetic secure transmission mst is the name for mobile payment technology in which devices such as smartphones emit a signal that mimics the magnetic stripe on a traditional payment card. Samsung pay adds paypal wallet as a payment option techspot. Samsung pay uses mst to turn legacy point of sales terminals with magnetic. Flaw in samsung pay lets hackers wirelessly skim credit cards. Samsung pay is a lot like apple pay, but security questions remain. This allows the number to pass through an emv terminal without requiring the chip card to be inserted. A samsung representative at best buy can set up a personal demonstration for your next galaxy device. The dynamic data can be provisioned onto a magnetic secure transmission device mst either directly from a card issuer or using a swiper type device. Samsung pay, on the other hand, uses both nfc and magnetic secure transmission mst technology, making it work with nearly all current payment terminals. Whats more, mst has only shipped with a limited number of phone. Magnetic secure transmission removes merchant barriers. Google pay is nice, but it does not have the magnetic secure transmission capability that allows you to use mobile payments at many more retailers.
This payment system is accepted at retail stores around the world and uses the traditional mst magnetic secure transmission technology that most payment terminals are using. Samsung to acquire looppay, transformative digital wallet. Samsung offers this capability by deploying a groundbreaking technology called magnetic secure transmission mst. Whats more, mst has only shipped with a limited number of phone models, including note 5 and the galaxy s6 series. Unlike samsung pay which is uses magnetic secure transmission, lgs service is based on wireless magnetic communication tech. Looppay has built an advanced and widely accepted contactless payment solution using its patented magnetic secure transmission mst technology. Samsung acquired mobile payment system company, looppay which will introduce two transmission methods, nfc and magnetic secure transmission. Looppays talent and technology, paired with samsungs world leading mobile technology, global presence, and distribution capabilities will help drive the next wave of innovation in the digital smart wallet. A couple of years ago samsung acquired looppay which had developed a technology called magnetic secure transmission mst.
The gear s3 uses the same mst magnetic secure transmission tech that samsungs galaxy android phones utilize. Samsung pay also work with almost all magnetic strip terminals as it uses magnetic secure transmission mst, when the phone is held against the terminal. Samsung pay uses nfc technology to transfer a credit or debit cards information to a nfcenabled payment terminal, just like how an nfcenabled card would work. Mst and nfc enable you to make secure transactions at virtually every card reader where you can swipe or tap your card. Samsung pay is a simple and secure mobile payment service that is available almost anywhere you can swipe or tap your eligible payment card 3. When you tap install, you get the image on the right. By combining near field communication nfc technology and its proprietary magnetic secure transmission mst technology, samsung pay is the most widely accepted mobile payment solution on the market. Samsung s secret weapon magnetic secure transmission the big differentiator for samsung, however, is a technology that it calls magnetic secure transmission mst. Chase pay links up with samsung pay to leverage its magnetic. This process essentially mimics the magnetic connection created when processing traditional cards.
Samsung pay uses proprietary technology that works with both magnetic secure transmission mst and near field communication nfc to make contactless digital payments. Samsung pay uses either mst magnetic secure transmission or nfc near field communication to communicate with the card reader. Although on the surface these two systems appear to be quite similar. Consumers can use samsung pay in merchant locations regardless of whether the. Samsung pay is a heavily modified version of what you get with looppay. Looppays patented magnetic secure transmission mst technology turns existing mag stripe readers into mobile contactless receivers without any changes or costs incurred by merchants or. Samsung says it has partnered with mastercard and visa and other payment networks to make. The consumer is then asked to scan their fingerprint using. Eavesdropping onetime tokens over magnetic secure transmission. S pay works with mst technology magnetic secure transmission.
Samsung acquires looppay introduces nfc and magnetic. The app does support nfc, and prefers to use it where available, but it also supports a technology called magnetic secure transmission mst which mimics the swipe of. Mst sends a magnetic signal from the device to the payment terminals card reader. Its the latter of the two options that has people excited, so lets. Magnetic secure transmission technology uses magnetic signals to establish a connection between the users mobile device and the terminal. Magnetic secure transmission will boost mobile payments. It also works with nfcenabled payment terminals, just like apple pay does. It uses the same magnetic transmission, but instead passes a tokenized, digital number and an encrypted key. With samsung pay, either nfc or mst technology can be used to make contactless transactions. How magnetic secure transmission technology is helping to boost mobile payments. Meet samsung pay today march 1st, 2015 at the world mobile congress, samsung announced samsung pay. Devices, systems, and methods are also disclosed for securely provisioning a dynamic card onto the mst by the card issuer. Secure elementse is a secure chip for securely hosting applications and their confidential and cryptographic data.
Samsung pay wireless magnetic stripe tech can be skimmed. Some payment terminals may require software updates. Magnetic secure transmission technology provides ease of use for consumers, who must simply hold their samsung payenabled mobile devices over the payment terminal to initiate payment. While other payment platforms are limited by their use of near field communication nfc technology, samsung pay offers both nfc and its proprietary magnetic secure transmission mst technology, making it the most widely accepted mobile payment solution on the market. Point of sale archives page 3 of 5 samsung business. Samsung pay can also work with magnetic strip card readers by using what is called magnetic secure transmission. Magnetic secure transmission mst is a technology that emits a magnetic signal that mimics the magnetic strip on a traditional payment card. The service supports contactless payments using nearfield communications, but also supports magnetic stripeonly payment terminals by incorporating magnetic secure transmission. Eavesdropping onetime tokens over magnetic secure transmission in samsung pay daeseon choi department of medical information, kongju national university, chungnam, korea younho lee itm programme, department of industrial and systems engineering, seoultech, seoul, korea abstract we have discovered a security vulnerability in the samsungpayapp. Magnetic secure transmission mst is the name for mobile payment technology in which. How magnetic secure transmission works on samsung pay.
Mst payment explained mst vs ncf differences tidal commerce. Samsung pay is a secure and easytouse mobile payment service which can be used to make purchases nearly everywhere. Samsung pay continues global expansion with launch in. For payment terminals without the near field communications nfc technology used in contactless cards, samsung has a technology it calls magnetic secure transmission mst. Samsung pay is a mobile payment and digital wallet service by samsung electronics that lets users make payments using compatible phones and other samsungproduced devices. Does the absence of magnetic secure transmission in the. It generates a magnetic signal similar to that of a traditional.587 163 1165 279 1282 943 1133 333 305 718 1120 802 1029 1081 1606 555 1244 1457 1474 1577 372 623 898 186 847 650 409 734 793 316 749 952 996 338 237 384 1322 1173 122 965 1187 688 62 755 544 877 904 455