What is MST in Samsung Pay?

25 Mar 2024 By PAYCEC

MST is a proprietary technology developed by LoopPay, a company acquired by Samsung in 2015. At its core, MST generates a magnetic field that emulates the magnetic stripe found on traditional payment cards, such as credit and debit cards.

MST enables users to make secure and contactless payments at traditional magnetic stripe card readers, expanding the accessibility and convenience of mobile payments to a wide range of merchants and establishments.

Whether at a small mom-and-pop shop, a gas station, or a restaurant, users can confidently use Samsung Pay to make payments without worrying about whether the merchant supports NFC technology.

Moreover, MST operates seamlessly alongside Near Field Communication (NFC), another technology used by Samsung Pay.

This dual-mode approach ensures that users can make payments using Samsung Pay at virtually any point-of-sale terminal, regardless of whether it supports NFC or traditional magnetic stripe transactions.

This versatility makes Samsung Pay a viable payment option for users in diverse settings and environments.

Benefits and Significance

The inclusion of MST in Samsung Pay offers numerous benefits that enhance the user experience and promote the widespread adoption of mobile payments.

Firstly, MST eliminates the need for merchants to upgrade their existing card readers to support NFC technology, reducing the barrier to entry for mobile payment acceptance.

It makes it easier for small businesses and establishments to embrace mobile payments, leading to increased convenience for consumers and improved efficiency for merchants.

Additionally, MST enhances the security of mobile payments by tokenizing transaction data and encrypting it before transmission.

It ensures that users' sensitive payment information remains protected against unauthorized access or interception, mitigating the risk of fraud and identity theft.

Moreover, Samsung Pay incorporates biometric authentication methods, such as fingerprint and facial recognition, to safeguard users' financial data and prevent unauthorized transactions.

In Summary

MST enables users to make secure and contactless payments at a vast network of merchants that still rely on traditional magnetic stripe card readers.

This versatility and accessibility make Samsung Pay a leading contender in mobile payments, offering users a convenient, secure, and widely accepted payment solution for their everyday needs.