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Yes. And Samsung is really in a panic right now since the chip & pin rollout is going to effectively nullify their investment. Initially they can just strip th
by UnoriginalGuy 11y ago
Yes.
And Samsung is really in a panic right now since the chip & pin rollout is going to effectively nullify their investment. Initially they can just strip the "require pin" flag from the magstripe, but eventually opt-out won't be supported.
So Samsung is investing massively into Samsung Pay adverts and promotions in order to get people using it, with the hope that once this functionality breaks that people will continue using it via NFC supported terminals.
I believe they give you $50-100 just to use Samsung Pay right now for one example.
- sliverstorm 11y agoDid they ever think chip & pin wouldn't roll out? I took the magstripe emulation as a bridge play, to be the first truly viable mobile payments option in order to take pole position in the coming mobile payments scuffle.
- artursapek 11y agoCouldn't they have thought of a more creative name for their payment service than "s/Apple/Samsung"?
- the_mitsuhiko 11y agoSamsung pay uses tokenization so is considered EMV. However you cannot tell a samsung pay transaction from magstripe relay.
- andrewpi 11y agoSamsung worked directly with the banks to deploy a tokenization scheme via the magnetic card swipe system so it would be EMV equivalent. It's not sending your actual card number, but a virtual card number provided by the bank that doesn't have the 'chip required' bit.