15 Amazing Facts about NFC Payments
NFC – or Near Field Communication payments are literally the wave of the future. While there is an NFC payment thrust in the mobile phone industry, there is slow, but steady acceptance of NFC payments in the retail arena too.
Image Credits: Gigaom.com
Here are some things you may not know about NFC payments – but it’s still early days and it’s never too late to learn!
- NFC technology allows two NFC-enabled devices to exchange data at the distance of a mere few inches.
- NFC technology is completely wireless.
- NFC Technology can be contactless – NFC payments can be made through just the mobile phone as well as by tapping an NFC-enabled terminal.
- NFC technology definitely trumps the Bluetooth, as it consumes less power, and no pairing code is required either.
- Since NFC technology is less power-consuming, it means your phone has a longer battery life. This is important, especially if you are to adapt to the NFC payment lifestyle!
- NFC payments render the need to lug around a wallet full of cash, change and cards completely unnecessary.
- To become part of the NFC technology family, and conduct NFC payments with a tap, sometimes all you will need is a mobile phone with a SIM, as the SIM acts as your identity tool with the NFC network.
- More and more smartphone systems have incorporated NFC technology, so you may already be ahead of the game!
- While many people prefer traditional means of payments, with NFC payments, you are safeguarded from theft, or financial fraud.
- NFC payments are even more secure, because once you tap the Point of Sale terminal for a payment, you will be asked to confirm your NFC payment via a password, fingerprint scan, or other security measure.
- You can pay for a variety of services with NFC technology – in retail stores and online, and for micro transactions such as parking fee or bus fare too!
- NFC technology is fun – it allows your phone to ‘read’ NFC tags which may offer discount vouchers, helpful information, or the ability to pay instantly for something.
- Like most credit card systems, your NFC technology savvy mobile phone will allow you to make payments all over the world!
- NFC payments are travel-friendly: because all NFC payments are safe and secure with the advantage of PIN approval.
- NFC technology uses your phone to connect your bank account or mobile account to other people and businesses for payments – but at no point does any of your personal information go to the payee!
No wonder then NFC technology is poised to take over the world of retail and ecommerce.
Author’s Bio: Syed Irfan Ajmal is a serial entrepreneur with his latest project being Inbound.Zone. His Twitter handle: @SyedIrfanAjmal