The new sensor is expected to play a vital role in the mobile payments system, Samsung Pay. To be launched in the summer of 2015us, Samsung Pay has already signed up Mastercard, American Express, Bank of America, Citi, JPMorgan Chase, and US Bank, among others.
Samsung’s acquisition of LoopPay means it can also include tech that makes its payments system backwards compatible with mag strip readers. Samsung offers this capability by deploying a LoopPay technology called Magnetic Secure Transmission (MST). Consumers can use Samsung Pay in merchant locations regardless of whether the terminals support NFC or traditional magstripe, which is the vast majority of existing terminals.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now