Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015 for an estimated $300m one of the largest acquisitions made by the firm. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected),[1] as well as those that only support magnetic stripes. This is accomplished via a technology known as magnetic secure transmission (MST), which emulates the swipe of a permanent magnet strip past a reader by generating the near-field magnetic waveform directly.