Samsung Pay off to a great start in South Korea, coming to the U.S. September 28th
posted by Alan F. / Sep 23, 2015, 5:33 PM
Thanks to its acquisition of LoopPay, Samsung's system will work with MST (Magnetic Secure Transactions) as well as NFC. 90% of retailers already use MST to handle physical credit card transactions. That means that many more locations are ready to use Samsung Pay right now, putting it well ahead of Apple Pay and Android Pay in the number of locations accepting the service.
Samsung Pay is coming to the U.S. on September 28th. Currently, it is available for the Samsung Galaxy S6, Samsung Galaxy S6 edge, Samsung Galaxy S6 edge+ and Samsung Galaxy Note5. It also will be available on the Samsung Gear 2 watch when the smartwatch launches next month.
source: Samsung via AndroidAuthority
Posts: 2314; Member since: Apr 12, 2012
Good Sammy. Now if the Red carrier don't support this feature. Remove your phones from them. I know you can't afford to miss sales but I'm sure this would get in line.
posted on Sep 23, 2015, 5:39 PM 0
Posts: 252; Member since: Aug 15, 2012
Samsung Pay's MST technology will most likely be used as a stop-gap solution, as the world is moving away from magnetic cards in favor of EMV "Chip and PIN" cards. its EMV "solution" seemed to mostly ignore the technology and rely on the fact that magnetic strip readers would be around for a long time. It also admitted that EMV-chipped cards in an EMV-capable reader will often not accept the magnetic data, and a physical card would be needed. LoopPay said it was "working on a solution" for this, but that was all pre-acquisition. Samsung Pay may have fixed some of these limitations since. The best possible option we see for the technology would be using it to support most readers today, eventually smoothly transitioning to NFC when mag strips are no longer supported. eventually, samsung pay is going to be NFC only just like Apple Pay or Android Pay.
posted on Sep 23, 2015, 9:15 PM 0
Posts: 679; Member since: May 27, 2015
I have been using Samsung Pay on chip only card readers for the last 2 weeks. Samsung uses a virtual card number that does not contain chip data. It works perfectly at places that require that you insert your chipped card. MST works faster thank swiping or NFC.
posted on Sep 23, 2015, 10:25 PM 1
Posts: 1168; Member since: May 23, 2013
Well it does support both NFC payments and Mag Stripe so there wouldn't need to be any transitioning period as it already does it all. From what I heard and read from beta testers, it works in practically every terminal, except for gas stations and Square readers, although there was a "workaround" to make it work at the gas pump (by putting in another card like your driver's license into the card reader and then using your phone while your driver's license is in the reader). Otherwise you could still pay for gas with it by going directly to the cashier.
posted on Sep 23, 2015, 10:31 PM 1
Posts: 14967; Member since: Sep 25, 2013
Dude, it will take years before every single retailer gets that. Stop being against it. Yes we have retailers that use chip readers, but they aren't atupid. Those terminals still allow swipe and many have NFC too. Everyone keeps repeating what you said like it's going to happen over night. It could be a decade before 50% of retailers accept cards with chips.
posted on Sep 24, 2015, 4:34 PM 0
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