This is a video with samsung pay hands on with a magnetic stripe POS terminal at the olive garden. I love Samsung Pay, you should use it.
From CNET
"How does it work?
Samsung Pay uses Near Field Communication (NFC) technology to process payments at tap-to-pay terminals.
However, the system also works with almost all other magnetic stripe terminals as well. These older systems are widely deployed throughout retailers in the US. Samsung Pay uses Magnetic Secure Transmission (MST) when the phone is held against one of these registers. The phone emits a magnetic signal that simulates the magnetic strip found on the back of a credit or debit card.
Earlier in 2015 Samsung acquired mobile payment company LoopPay which developed the specific MST technology used for Samsung Pay."
