What is MST Payment? Understanding Magnetic Secure Transmission Technology
Mobile payment technology has made transactions more convenient, secure, and accessible. One such advancement is Magnetic Secure Transmission (MST), a technology developed by Samsung that allows smartphones to work with traditional magnetic stripe payment terminals. MST enables mobile payments even at older terminals, offering broad compatibility and flexibility.
What is MST Payment?
MST, or Magnetic Secure Transmission, is a mobile payment technology that generates a magnetic signal from a smartphone to emulate a card swipe. This means customers can make mobile payments at a wide range of terminals, including those that do not support newer technologies like NFC (Near Field Communication).
How Does MST Payment Work?
Here’s how an MST payment transaction takes place:
- Activation: The customer opens a compatible payment app, such as Samsung Pay, and selects their payment card.
- Transmission: The smartphone creates a magnetic field that mimics the magnetic stripe on a physical card.
- Processing: The terminal reads the magnetic signal, interpreting it as a card swipe, and processes the payment.
Benefits of MST Payments for Merchants and Consumers
Wider Compatibility
MST technology works with most magnetic stripe terminals, including older models, allowing more businesses to accept mobile payments without upgrading hardware.
Enhanced Security
MST uses tokenization, meaning no sensitive card data is transferred during the transaction. This feature protects both the merchant and the customer from potential fraud.
Customer Convenience
Customers can complete transactions with just their smartphone, making it easier and faster for them to pay, especially in environments where contactless options are valued.
MST vs. NFC
While MST simulates a card swipe, NFC requires close-range communication between the smartphone and a compatible terminal. MST offers broader compatibility with older terminals, whereas NFC is typically used with newer, contactless-enabled devices.
Looking to add mobile payment options to your business? Explore how Nock Pay can help you implement both MST and NFC payment solutions. Contact us at [email protected] or call 1-888-246-7505.
