Overview#Samsung embedded LoopPay's technology into the new Galaxy S6 and Galaxy S6 Edge and we are sure some later smartphones.
The new Mobile-Digital Wallets will still rely on NFC chips to enable users to conduct tap-and-pay transactions at contactless-enabled point-of-sale terminals. But if Contactless POS is unavailable, LoopPay’s Magnetic Secure Transmission (MST) technology can "communicate" with Magnetic Stripe Card as is currently present on all POS Terminals. Samsung Pay will sense which option is available and adjust accordingly.
Samsung Pay's dual approach means more Merchants will be able to accept the mobile wallet without an equipment upgrade. A large portion of Tier 1 merchants have already updated their terminals ahead of the EMV Liability Shift in October, but the option to switch on the contactless function lies with the retailer. Samsung Pay, however, would work regardless of the situation.
More Information#There might be more information for this subject on one of the following:
- Magnetic Secure Transmission
- Magnetic Stripe Data
- Mobile-Digital Wallets
- Web Blog_blogentry_060716_1