NFC technology is an easily recognizable method of payment that involves no physical contact and uses your phone as a payment intermediary. It allows you to use your phone as a wallet, by storing credit card information, loyalty cards, and even cash. The Bank of Canada has even developed a virtual debit card using NFC technology with the name eVoucher. Use of NFC technology by financial institutions is rapidly increasing because it’s faster, more secure, and easier than using other payment methods such as credit cards or checkbooks. This guide will give you an understanding of what NFC technology is and how it can be used in your everyday life.
What is NFC technology?
NFC, or Near Field Communication, is a technology that allows devices to communicate wirelessly over a distance of several inches. NFC technology is similar to RFID (Radio Frequency Identification), which allows electronic devices to communicate with each other and computers using radio waves. However, NFC does not rely on electromagnetic waves, but rather relies on physical contact between two devices. If you are curious about NFC technology then you can read more about it in an article on authena.io.
How NFC Technology can be used?
The two most popular use cases for NFC technology are payments and digital access. Payments: You can use NFC tags to make payments using mobile credit card applications or mobile wallets. In this case, the NFC tag and the phone must be within range of each other. Digital access: You can use NFC tags to share photos, videos, documents, or links with other devices that have NFC tags. This is useful for sharing information or letting others borrow your favorite pictures.
Benefits of using NFC technology
– No contact needed – NFC technology uses electromagnetic waves, so no actual contact is needed between you and the device. That’s why you can use NFC technology in places where it’s not safe to enter a PIN number to pay or otherwise interact with a traditional payment terminal. You can use NFC payments at public places like museums, grocery stores, and restaurants. It’s also a great way to make secure payments at conferences or tradeshows where there’s no cashier or other way to make payments.
– Fast and easy – NFC payment transactions are more efficient than entering a PIN or using a swipe or signature. Like other electronic payment methods, users don’t need to wait while the merchant’s computer verifies the payment. Instead, the transaction is made almost immediately.
– Secure – NFC tags are more secure than traditional payment methods like credit cards, which are susceptible to theft by dishonest merchants or by criminals who steal credit card data. And, unlike cash, there’s no risk that someone will make off with your credit card information if you lose your credit card or wallet.