Meet Samsung Pay, the Good & the Bad

Meet Samsung Pay

Today March 1st, 2015 at the World Mobile Congress, Samsung announced Samsung Pay. This is clearly a response to the very successful Apple Pay product. Although on the surface these two systems appear to be quite similar. It turns out that this is just a small surface feature. Samsung has approached payments from a decidedly different point of view.

There are two components to Samsung Pay:

  • NFC (Near Field Communications)
  • MST (Magnetic Secure Transmission)

Samsung Pay: NFC

The NFC portion of Samsung Pay is similar to Apple Pay and uses the same open infrastructure of NFC built on Visa PayWave and MasterCard’s PayPass systems that Google Wallet and Apple Pay use. The explosive growth of NFC locations in North America is over 650,000. This growth is not nearly the often quoted 25 million businesses, but it turns out only about 1/3 of these locations would make sense to even accept payment cards. Some businesses are just manufacturing businesses that sell in large quantities with large ticket sizes. Thus at the current rate NFC business locati ...

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