Banks are rolling out NFC and other tech at ATMs to work with smartphones

Several major banks in the U.S. now support the use of a smartphone to withdraw cash from an ATM — many by way of Near Field Communication (NFC) technology — instead of requiring customers to use a bank card.

One of the early adopters, Bank of America, said this week it currently supports cardless technology at 2,800 of its ATMs.

Walmart to roll out its own mobile payment system


Walmart is rolling out in its stores its own smartphone-based payment system that uses QR technology rather than near-field communication, or NFC, which is used in the payment systems of Apple and Google.

Integrated into its smartphone app, the new Walmart Pay will work at any checkout lane and with any major credit, debit, pre-paid or Walmart gift card, the retailer said Thursday.

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Understanding Magnetic Secure Transmission (MST) & Near field communication (NFC)

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 technology is accepted at nearly all payment terminals with a card reader.

Near field communication (NFC) is the set of protocols that enable electronic devices to establish radio communication with each other by touching the devices together, or bringing them into proximity to a distance of typically 10cm or less often referred to as “Tap and Pay.”

Samsung Pay uses both MST and NFC which, is a major advantage over competitors Apple Pay and Google Pay. In the future NFC will likely be the de-facto standard however, MST is a wonderful bridge technology allowing retailers to participate in mobile payments without upgrading existing card readers.