The development of mobile payment technology has changed people’s payment methods and consumption habits. In recent years, MST (Magnetic Secure Transmission) technology has attracted some attention in the market as a wireless payment technology. However, recent news that Samsung Electronics has suspended the use of MST technology has sparked discussions on NFC (Near Field Communication, Near Field Communication) technology taking over.
Why did Samsung suspend the use of MST technology
MST technology has given Samsung phones a certain competitive edge over the past few years. It uses existing magnetic stripe signals to simulate the signal transmission of magnetic stripe cards, allowing users to use mobile devices that support this technology to make payments without relying on specific payment terminals that accept signals. However, Samsung recently decided to suspend the use of MST technology and shift its focus to NFC technology.
There are several reasons for this decision.
First of all, MST technology requires payment terminals to support magnetic stripe payment, and with the development of the mobile payment market, more and more merchants and payment terminals have turned to support safer and more convenient NFC technology. This has led to limited acceptance of MST technology, and users cannot use this technology to pay in some merchants, which limits its promotion and application in the market.
Secondly, compared with NFC technology, MST technology has some potential risks in terms of security. Although MST technology also adopts security measures such as encryption in the process of data transmission, its security is relatively low due to the signal transmission method of the analog magnetic stripe card.
NFC technology adopts a stronger encryption and authentication mechanism to provide higher security guarantees, which is why many users and merchants prefer NFC technology. With the popularity and maturity of NFC technology, it has become the standard for many mobile payment solutions. The wide support and popularity of NFC technology enables users to conveniently use NFC mobile payment on more merchants and payment terminals. In contrast, the scope of application of MST technology is limited, and it can only be used on terminals that support magnetic stripe payment, which limits the space for its development and promotion.
Potential and advantages of NFC technology
With Samsung suspending the use of MST technology, NFC technology is expected to take over and become the mainstream technology in the field of mobile payment. NFC technology has the following potentials and advantages:
1. Fast and convenient interaction:
NFC technology realizes short-distance interaction between devices through wireless communication. Users only need to bring NFC-enabled mobile devices close to NFC-enabled terminals for fast interaction and data transmission. This kind of near-field interaction is fast and easy to operate. Users can complete payment and other operations with just one touch without inserting or swiping a card.
2. Improve payment security:
NFC technology uses multiple security measures, including encryption and authentication, to ensure the safety of payment and data transmission. NFC payment usually requires users to provide identity verification, such as fingerprint recognition or password input, thereby increasing the security of payment. This enhanced security measure helps prevent data theft or payment misuse, providing an added level of security.
3. Multifunctional application:
NFC technology is not limited to payment functions, but can also be applied to other fields. For example, it can be used in contactless access control systems, electronic ticketing, bus cards, etc. NFC provides a common interface, enabling various devices and services to seamlessly connect and interact, bringing more convenience and functionality to users.
4. Wide support and popularization:
NFC technology is widely supported worldwide and has become the standard for many mobile payment solutions. Many merchants and payment terminals support NFC payment, enabling users to conveniently use NFC mobile payment in more places. This wide range of support and popularity provides users with more choices and convenience, and promotes the development and application of NFC technology.
As Samsung Electronics suspends the use of MST technology, NFC technology is expected to take over and become the mainstream technology in the field of mobile payment. NFC technology has the advantages of fast and convenient interaction, improved payment security, multi-functional applications and extensive support. However, in order to realize the comprehensive promotion and popularization of NFC technology, it is necessary to further strengthen the support of merchants and payment terminals, and improve user awareness and acceptance. With the continuous development of the mobile payment market and the advancement of technology, NFC technology is expected to play a more important role in the field of mobile payment, changing people’s payment methods and consumption habits.
Post time: Jul-21-2023