Samsung Pay uses near field communication, as well as its proprietary technology - magnetic secure transmission (MST) - to deliver tokenized transactions for terminals that have EMV and NFC functionalities, as well as existing terminals that only accept magnetic stripe payments.
To make a payment on Samsung Pay, users swipe up, scan their fingerprint and pay. Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication.
In recent news, Verifone has unveiled Verifone Carbon, an integrated POS; the solution aims to bring together payments, applications, customer service functions and other solutions for running a business into a single integrated system.
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