Think about it for a second: For 50 years we used credit cards with magnetic strips, and in 2007 someone thought to use phones to pay for your charges.
They convinced some terminal operators to install “Tap to pay” options, using RFID (Radio-frequency identification) and/or NFC (Near field communication), to help progress how we make our payments.
But then Samsung entered the game with Samsung Pay, and said: “forget about tap to pay, let’s just use the magnet stripes again”. And suddenly, every Mom & Pop shop in America, who couldn’t afford to upgrade to “Tap to pay” were able to start accepting mobile payments.
Using MST (Magnetic Secure Transmissions) the phones send out a signal, that when held over the “swipe” part of a terminal, mimics the motions of a credit card so that new or old the terminal will still be able to send through the transaction.
For years we’ve taken technology and evolved it, and with it everyone has needed to buy new equipment. But what if we can evolve technology and still use the infrastructure that is in place across America?
Seems ideal to me.