![]() Regarding speeding up sales and shortening queue times, mobile wallet apps are hugely impactful because they don’t require a lot of the steps that a card swipe or cash transaction entails, especially if you are using the NFC technology. How Do Apple Pay And Samsung Pay Speed Up Sales? They may even have to sign a receipt and go through all the other typical processes and steps that you face when paying with a debit or credit card. The user is prompted to enter their PIN number on the card. Samsung Pay transactions using the MST technology have all of the same security protections as a physical card swipe. Then, by holding it near the magnetic strip reader that you would normally use if you were physically swiping the card, the machine will read the card and process the payment just like the real card. When it is time to pay, the user accesses the app and brings up the digitized version of the card they wish to pay with. Once this is completed, he or she has the means to access each card through the app with a few short clicks. Using the MST technology of Samsung Pay, the user scans their credit and debit cards into their Samsung Pay app account. The added benefit of this MST method of payment is that it can be used with many traditional POS machines, which means you may not even need a mobile POS system to accept payments through Samsung Pay. This technology is very similar to NFC payments because all users have to do is hold their Samsung smartphone near the POS system. Where Samsung Pay deviates, however, is that it also leverages Magnetic Strip Transmission (MST) of payments. The Samsung Pay app works very similarly to Apple Pay they both enable NFC payments. What Is Samsung Pay And How Does It Work? If a cyber criminal does get a hold of the “token,” they won’t have the ability to de-tokenize the numbers into anything valuable or relevant, which means all they can obtain is useless, random numbers. This security protocol helps to protect against malicious users that want to clone your account info and use it for their fraudulent activities. When making a transaction, the mobile POS system can de-tokenizes these randomly generated numbers back into the relevant, private information, like your bank account number. Essentially, this process works by disguising private information in a series of randomly generated numbers, which act as the “token.” These tokens are saved onto your iPhone. Alternatively, the customer can complete the transaction with a few taps within the Apple Pay app on their iPhone.įor security purposes, Apple Pay transactions implement a tokenization security protocol. In most mobile payment scenarios this means communication between the customer’s smartphone and the business’ NFC payment reader.Īpple Pay works by allowing a customer to check out, pay and finalize their transaction by easily holding their Apple smartphone over the payment reader. This technology allows two devices, near one another, to make a secure connection to communicate with one another. Apple Pay transactions are done through Near Field Communication (NFC). What Is Apple Pay And How Does It Work?Īpple Pay works by allowing a customer to check out, pay and finalize their transaction by easily holding their Apple smartphone over the payment reader.įor iPhone users, Apple Pay is the standard mobile payment app. These data-born insights help small businesses better target their customers with deals and messages that are relevant and valuable to each consumer. Your small business will experience shorter queue times and deeper insights into customer spending habits. These mobile payment apps offer value to both shoppers and businesses. This helps a business get those customers through the point of sale process, out the door and on with their lives much quicker. For many customers, mobile payment is a more convenient because it is faster than traditional payment methods. At the point of sale, mobile devices present a new way for people to pay and complete transactions.Īpple Pay, Samsung Pay, and many other mobile wallet apps open up a new avenue for customers to pay. ![]() They are also revolutionizing the way businesses, both small and large, conduct sales, market their brands and learn about their customers. We use them to be more productive in our work lives, connect with friends on social media, share our daily adventures and so, so much more. Mobile devices such as smartphones and tablets, have revolutionized our day-to-day life.
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