Thread: samsung pay
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Old 27-05-2016, 08:16 PM   #58
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Join Date: Nov 2013
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I understand your point, but somehow i feel like samsung probably have did their homework and said that the app can use the swipe feature. well, who knows? this obt might be the testing step for the MST.
i guess it may work.. but acceptance may still be subjected to financial institution's discretion.

"Samsung Pay uses a proprietary Magnetic Secure Transmission (MST) technology that can interact with traditional card readers. MST uses a magnetic signal that mimics the magnetic stripe on a credit card, to enable payments.

Though banks in Singapore have all migrated from using magnetic stripe to smart chip-based EMV (Europay, MasterCard and Visa) chips on credit cards, Samsung Pay's use of MST does not mean a return of magnetic-stripe credit cards.

"The MST technology is different from the process of reading and using the data encoded on the magnetic stripe to effect payments at point-of-sale terminals," said a spokesman for the Monetary Authority of Singapore.

"As in the case of any new technology, we expect financial institutions to conduct their due diligence and address the attendant risks prior to adoption of the technology.""
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