Samsung Pay, its Apple Pay with a cherry on top
So we all know by now that Apple pay is a feature used on NFC enabled IOS devices, this allows its users to pay with there device on NFC enabled terminals.
While thats great in the past month Samsung have come out in the Mobile World Congress with a direct competitor, Samsung pay. Samsung pay shares all of the bells and whistles that Apple pay uses although has the added feature of paying over MST (Magnetic Secure Transmission).
The inclusion of MST means that Samsung Pay has the capacity to interface with existing mag-stripe reading point-of-sale systems. Magnetic stripe readers, of course, constitute the vast majority of payment terminals, particularly in the United States where Chip and PIN (EMV) adoption lags.
Original news source: Blog.Kaspersky.co.uk
Image Source: Samsung Pay