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Posted August 24, 2015
Samsung to offer Contact-less Mobile Payments with MST Tech for Terminals That Only Accept Magstripe. Available in Korea and U.S.
Galaxy S6 and S6 Edge offer a new wrinkle. Okay maybe make that a new stripe. On second thought make that an old stripe. That’s because, unlike Apple Pay and other contact-less mobile payment systems, Samsung’s lets users pay at terminals that have not switched to EMV and only accept traditional magstripe plastic.
An article on cardnotpresent.com reports on Samsung’s new entry into the contact-less mobile payments market. The following has been excerpted from the cardnotpresent.com article and edited to fit our format.
MST enables magstripe
[Samsung Pay’s] Magnetic Secure Transmission (MST)…enables…contact-less payment at terminals that only accept traditional magstripe payments.
“[Because] of MST technology, Samsung Card Not Present Payments will be accepted almost anywhere consumers can pay today,” said Jim McCarthy, executive vice president of Innovation and Strategic Partnerships at Visa, one of Samsung’s partners in the venture.
Some companies that “have Samsung’s back”
[Samsung Pay] has partnered with American Express, Discover, MasterCard and Visa; major issuing banks [include] Bank of America, Chase and U.S. Bank; and processors [include] First Data, Synchrony Financial and TSYS.
Does not permit “in-app” card not present payments
Unlike Apple Pay, at the moment, Samsung Pay does not allow for in-app card-not-present payments.
Fingerprint authentication and tokenization
[Like] Apple Pay, Samsung Pay users are authenticated using their fingerprint and the transactions are tokenized for security….Visa said Samsung has joined its Visa Digital Enablement Program and will use the Visa Token Service to secure Samsung Pay transactions.