Samsung Pay
One of the key differentiators for Samsung Pay is the incorporation of Magnetic Secure Transmission (MST) technology, which it acquired through its purchase of LoopPay earlier this year. Whereas Apple Pay and Android Pay require NFC capable payment terminals in store, Samsung Pay can also operate with magnetic stripe terminals, providing compatibility with a considerable number of terminals that don’t yet support contactless payments. This feature gives Samsung Pay broader acceptance, with retailers being able to accept Samsung Pay without having to upgrade their payment terminals.
Another interesting extension of Samsung Pay is the partnership with PayPal which will allow users to purchase apps and content on a select number of Samsung Smart TVs using a stored payment card and PIN authentication.