Samsung Pay is the latest platform for wirelessly buying things with a mobile device by holding it up to a point-of-sale system. Like Apple Pay, it's designed to be more secure than traditional credit cards because each payment doesn't use the same card number. Instead, the system uses an encrypted token and certificate information that can only be used once, according to Samsung.
Samsung acquired LoopPay for a technology it developed, Magnetic Secure Transmission, that lets a mobile device emulate a magnetic stripe card. That helps Samsung Pay work with older payment systems.
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