Samsung Elaborates on How Samsung Pay Works

Discussion in 'Android News' started by dgstorm, Mar 19, 2015.

  1. dgstorm

    dgstorm Editor in Chief
    Staff Member Premium Member

    Joined:
    Dec 30, 2010
    Messages:
    11,016
    Likes Received:
    3,979
    Trophy Points:
    823
    Location:
    Austin, TX
    Ratings:
    +4,254
    [​IMG]

    Just in case we weren't fully aware of how it's going to work, Samsung recently reiterated several points in order to elaborate on how their new mobile payment system, called Samsung Pay, will work for consumers. First, any Samsung Pay device can be used as a wireless NFC (Near Field Communications) mobile wallet at any locations which support that service. This is not really any different than Google Wallet, except that it uses Samsung's service instead of Google's.

    What distinguishes Samsung Pay is that it also supports their new technology called Magnetic Secure Transmission (MST), which Samsung acquired from LoopPay. The great thing about MST is that it uses the existing infrastructure of Magstripe technology found at most retailers across the globe. This allows you to load your MST equipped, Samsung Pay compatible smartphone (currently the Galaxy S6 series) with money like a digital credit card. This can then be used at nearly any retailer, without the retailer needing to upgrade their existing system.

    Samsung estimates that nearly 90% of retailers currently support at least one of these methods. Here's a quote with a few more details,

    What do you guys think of Samsung's solution? It sounds like Apple Pay will make it "cool" for the average consumers, while Samsung Pay will make it "easier" for us. Pretty snazzy eh?

    Source: AndroidAuthority
     
  2. leeshor

    leeshor Gold Member

    Joined:
    Jan 30, 2012
    Messages:
    4,363
    Likes Received:
    1,437
    Trophy Points:
    358
    Location:
    Norcross, GA - USA
    Ratings:
    +1,676
    Clear as mud ;) The only thing I got from that is that it's a debit card system. Not sure about the MST tech.
     
    • Agree Agree x 1
  3. akhenax

    akhenax Silver Member

    Joined:
    Jul 13, 2010
    Messages:
    1,678
    Likes Received:
    370
    Trophy Points:
    113
    Location:
    NY
    Ratings:
    +493
    I read up on LoopPay, as as far as I can tell, it has of way of magnetically transmitting credit card data to the credit card reader, so you "pretend" you are swiping your credit card normally, but you use your phone instead. The phone has to have MST embedded in it for this to work. LoopPay makes addon tech for phones that don't have it embedded. Currently, the only phone that has it is the S6.

    Smart job with Samsung buying LoopPay. Seems like a technology that has wide use potential.
     
  4. PereDroid

    PereDroid DF News Team Reporter

    Joined:
    Jan 25, 2010
    Messages:
    5,298
    Likes Received:
    3,158
    Trophy Points:
    1,563
    Location:
    Cleveland, Ohio
    Ratings:
    +3,720
    Current Phone Model:
    Moto Turbo 2
    I hate to say it but I still like Apples best for one reason: privacy. I know you kids today don't care about privacy at all. And I know that I already share plenty of information with Google...but tracking every purchase I make in the real world just seems to be going to far. At least with Apple Pay, Apple has NO idea what I am buying.
    I assume Sammy Pay will work just like Wallet.
    And I HATE the name "Samsung Pay", btw.
     
    • Like Like x 1
  5. alicia78

    alicia78 Banned

    Joined:
    Jan 1, 2015
    Messages:
    46
    Likes Received:
    0
    Trophy Points:
    6
    Ratings:
    +3
    Current Phone Model:
    SamSung S5
    NFC does seems to be good option...but privacy does matters
     
  6. lorasweet

    lorasweet New Member

    Joined:
    Mar 10, 2015
    Messages:
    9
    Likes Received:
    1
    Trophy Points:
    3
    Ratings:
    +1
    I'm more worried about security and of course, privacy.
     
  7. snapper.fishes

    snapper.fishes New Member

    Joined:
    Jan 25, 2015
    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    1
    Ratings:
    +0
    Loop pay sounds exactly as secure or insecure as traditional credit card payment. However most of the world outside of the US is moving away from magnetic strip and towards chip and pin, so its usefulness is limited.
     
  8. Jonny Kansas

    Jonny Kansas Administrator
    Staff Member Rescue Squad

    Joined:
    Jan 21, 2010
    Messages:
    16,468
    Likes Received:
    7,038
    Trophy Points:
    1,278
    Location:
    Michigan's Upper Peninsula
    Ratings:
    +8,379
    Current Phone Model:
    Pixel XL
    Twitter:
    jonny_ks
    The U.S. is moving towards chip and pin as well. We're just slow. ;)
     
  9. PereDroid

    PereDroid DF News Team Reporter

    Joined:
    Jan 25, 2010
    Messages:
    5,298
    Likes Received:
    3,158
    Trophy Points:
    1,563
    Location:
    Cleveland, Ohio
    Ratings:
    +3,720
    Current Phone Model:
    Moto Turbo 2
    Saw this yesterday: 59% of Apple Pay users admit that they use Apple Pay because they believe it makes them look "cool and stylish".
    I'm not making this up.
    Cool & Stylish? Really? That might be the lamest thing I've read all week.
    Personally, I feel kind of the exact opposite. The few times I've use Google wallet I feel more like a pretentious twit! LOL

    TapaTurbo
     
    • Like Like x 1
  10. PereDroid

    PereDroid DF News Team Reporter

    Joined:
    Jan 25, 2010
    Messages:
    5,298
    Likes Received:
    3,158
    Trophy Points:
    1,563
    Location:
    Cleveland, Ohio
    Ratings:
    +3,720
    Current Phone Model:
    Moto Turbo 2