But behind the scenes, Samsung's platform takes a different approach to mobile payments than its rivals. Like Apple Pay and Android Pay, Samsung Pay uses near field communication (NFC) to enable its phone-based payments. But unlike its two competitors, the service also supports magnetic secure transmission (MST), a different standard that is similar to the magnetic strip on traditional credit cards.
Unlike NFC, which is still not widely supported at point-of-sale (POS) terminals, MST is supported at just about every terminal that accepts credit cards; this could help Samsung overcome some of the initial roadblocks that have hindered widespread NFC adoption. In fact, it could be enough to help Samsung overtake Apple and Google in the still-nascent mobile payments space.
For its part, Apple has also been ramping up its mobile payments platform. The company expanded Apple Pay to the UK earlier this week, the first country outside the U.S to get access to the service.
Still, the timing of Samsung's launch seems relatively fast compared to its competitors. In February, it acquired mobile payments company LoopPay, one of the first signals that Samung was serious about competing with Apple and Google.
But behind the scenes, Samsung's platform takes a different approach to mobile payments than its rivals. Like Apple Pay and Android Pay, Samsung Pay uses near field communication (NFC) to enable its phone-based payments. But unlike its two competitors, the service also supports magnetic secure transmission (MST), a different standard that is similar to the magnetic strip on traditional credit cards.Unlike NFC, which is still not widely supported at point-of-sale (POS) terminals, MST is supported at just about every terminal that accepts credit cards; this could help Samsung overcome some of the initial roadblocks that have hindered widespread NFC adoption. In fact, it could be enough to help Samsung overtake Apple and Google in the still-nascent mobile payments space.For its part, Apple has also been ramping up its mobile payments platform. The company expanded Apple Pay to the UK earlier this week, the first country outside the U.S to get access to the service.Still, the timing of Samsung's launch seems relatively fast compared to its competitors. In February, it acquired mobile payments company LoopPay, one of the first signals that Samung was serious about competing with Apple and Google.
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