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Kraken
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- Jan 9, 2019
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Create an app that uses MST (Magnetic Stripe Technology). Samsung Pay already uses this but the app itself is blocked in many countries outside of South Korea.
Unlike NFC (Near Field Communication) which needs the device and payment terminal to have NFC activated for a transaction to work; MST mimics the signal that's sent to the payment terminal when a real card is being swiped.
Anywhere there's a payment terminal, Samsung Pay (MST) will work. The terminal is ready to receive the signal from the card swipe, and the signal emitted from Samsung Pay sends that same signal to any terminal, no matter how old it is. The signal can be received from up to 3 inches away. So all you need to do is hold your phone to the terminal.
The vendor just needs to have a payment terminal that accepts card payments. With MST technology, the terminals don't need to be configured in any way to accept Samsung Pay. It works no matter what. Only limiting factor is that it's blocked by geolocation from Samsung Pay's side in many of the biggest countries in the world, especially in Europe.
If you can create an app that can mimic the card swipe by emitting the same signal that Samsung Pay does, you will be a billionaire. It doesn't matter what your app is called, and it doesn't matter that vendors haven't configured their terminals to support your software, as they don't need to. As long as it's a payment terminal for cards, MST will work. You can even withdraw money from an ATM without using a card, just by using MST.
Unlike NFC (Near Field Communication) which needs the device and payment terminal to have NFC activated for a transaction to work; MST mimics the signal that's sent to the payment terminal when a real card is being swiped.
Anywhere there's a payment terminal, Samsung Pay (MST) will work. The terminal is ready to receive the signal from the card swipe, and the signal emitted from Samsung Pay sends that same signal to any terminal, no matter how old it is. The signal can be received from up to 3 inches away. So all you need to do is hold your phone to the terminal.
The vendor just needs to have a payment terminal that accepts card payments. With MST technology, the terminals don't need to be configured in any way to accept Samsung Pay. It works no matter what. Only limiting factor is that it's blocked by geolocation from Samsung Pay's side in many of the biggest countries in the world, especially in Europe.
If you can create an app that can mimic the card swipe by emitting the same signal that Samsung Pay does, you will be a billionaire. It doesn't matter what your app is called, and it doesn't matter that vendors haven't configured their terminals to support your software, as they don't need to. As long as it's a payment terminal for cards, MST will work. You can even withdraw money from an ATM without using a card, just by using MST.
