LG Electronics is working on an alternative to Samsung’s proprietary Magnetic Secure Transmission (MST) technology for mobile payments.
MST was introduced by Samsung for Samsung Pay, one of the most useful payment solutions available on the market. The technology replicates a card swipe at essentially any terminal inside of a merchant, allowing you to use it practically anywhere.
While the idea of White Card seemed cool, which was a similar technology to Coin, MST will be much better suited for the fast-paced market that is mobile payment solutions.
As you could image, Samsung holds patents on certain aspects of MST technology, and it is noted that LG will look to incorporate MST technology that will not infringe on those. This means, more or less, that LG’s implementation of MST could be different from Samsung’s. Hopefully, it’s just as useful, though.
Agencies/Canadajournal