Samsung Pay could overtake Apple Pay in mobile payments
Apple may have lost its lead in contactless payments yesterday when Samsung introduced its universally accepted Samsung Pay at Mobile World Congress. This may be somewhat surprising considering just last September Apple convinced the mobile industry that it had revolutionized credit and debit card payments with Apple Pay.The combination of Apple Pay's strong security, brand name, and broad support from top banks and merchants impressed Apple fanboys and critics alike. People who never would have trusted contactless smartphone payments were suddenly interested.Samsung also has strong security, brand awareness, and the gravitas to win the support of top banks like Citi and top credit cards like Visa, MasterCard, and American Express. Unlike Apple, it doesn't need the cooperation of merchants because of the Magnetic Secure Transmission (MST) technology Samsung got when it acquired Looppay. MST generates a magnetic field that emulates the swipe of a credit card when the Galaxy S6 is positioned within close proximity of a magstripe card reader at an ordinary credit and debit card payment terminal.To read this article in full or to leave a comment, please click here

