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Many analysts concede on the reality, the global Contactless PoS Terminals Market is on an exciting curve.
In effect, the latest trend gaining momentum in the market is mobile phone OEMs coming up with magnetic secure transmission (MST) technology. Some of the smartphones by vendors like Samsung have MST technology inbuilt in their recent smartphones. They can emit a magnetic signal that mimics the magnetic strip on a traditional payment card. The technology enables the phones to send magnetic signals to the traditional card-reading POS terminals, which facilitate the payment. Therefore, merchants with POS terminals need not upgrade their software or any of their hardware components.