Samsung will release Samsung Pay, a mobile wallet that is compatible with both NFC and magnetic stripe payment card terminals, according to announcements from Samsung and MasterCard at the Mobile World Congress in Barcelona. The wallet will work with Samsung’s upcoming S6 smartphone and leverage LoopPay’s magnetic secure transmission (MST) technology, enabling it to be used at ~90% of existing payment terminals. It will also use the S6’s NFC chip to make contactless transactions.

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