Handheld electronic device capable of magnetic field communication and payment method using the same

An electronic device comprising:

• a memory;
• a display;
• a processor electrically connected to the memory;
• a near field communication (NFC) module and a magnetic data stripe transmission (MST) module electrically connected to the processor;
• and
• a first antenna electrically connected to the MST module and a second antenna electrically connected to the NFC module,
• wherein the memory stores instructions that, when executed by the processor, cause the electronic device to:
• check a state of the NFC module when executing a payment application;
• when the NFC module is recognized to be in an inactive state as a result of checking the state of the NFC module, change the state of the NFC module to an active state in order to communicate with an external device through the NFC module;
• display, on the display, at least one image or text related to payment information acquired from the memory, in response to at least part of a user input;
• determine whether a payment process starts, the payment process started by using the electronic device;
• periodically transmit, according to determining that the payment process starts, a first signal related to the payment information via the MST module;
• receive, by the NFC module, a ping signal from the external device, wherein the ping signal includes identification information representing that the external device is an NFC device;
• in response to receiving the ping signal from the external device while periodically transmitting the first signal via the MST module, stop the transmission of the first signal and transmit a second signal related to the payment information via the NFC module;
• and
• when a payment using the NFC module is completed, change the state of the NFC module to the inactive state recognized as the result of checking the state of the NFC module.