Interesting note for those of you using iDynamo card readers on your iPad
We just had a customer come in with a Samsung smart wristwatch. He was able to hold the Samsung smart wristwatch up to the iDynamo and the sale processed! Once processed, he immediately got notification on his smart wristwatch (via email) from our Vin65 platform.
Is this a feature of the iDynamo or is this some Samsung trick?
Either way, i was pretty impressed.
I received a message from Jeff Cole of ChangeMerchant Solutions. It’s operating on Magnetic Secure Transmission (MST) - very similar in idea and just as secure as NFC
Not exactly. They are similar in the sense that they’re contactless, but not security.
Magnetic Secure Transmission (MST) is a technology that emits a magnetic signal that mimics the magnetic strip on a traditional payment card. MST sends a magnetic signal from your device to the payment terminal’s card reader (to emulate swiping a physical card without having to upgrade the terminal’s software or hardware).
MST is essentially just simulating a magnetic swipe, which as we all know is not all that secure.
NFC is a short-range radio connection where there is an encrypted handshake between the payment device and a terminal. It is inherently more secure than MST.
In a practical sense, you probably don’t have anything to worry about with MST. But it’s likely just a clever short-term trick until most terminals accept NFC.
Thanks, @EdFarmCollective for the clarification. I was interested to note that the Samsung watch app generated a fresh, unique ‘card’ number for each purchase that is a one-time use only.
