Page 11 - All the 12 payment enabling technologies

Magstripe Emulation

A patent-pending technology, MST is similar in nature to that used in inductive charging. The technology basically

involves transmission of mag-stripe data stored on the mobile device to the magnetic stripe reader at the POS terminal.
The device’s transmitter is used to send the mag-stripe data over-the-air to emulate just a normal card swipe

How it Works Companies involved

A key fob generates a magnetic field that can be
ready by an existing POS terminal

Use Case

Payments, transit

Strengths

Merchants do not need to upgrade hardware
Weaknesses

Cannot be used with certain POS devices; can be

cumbersome to use; EMV makes the solution clunky
Security Risks

4 digit pin card numbers can be skimmed

9