The technology known as near field communication or NFC continues to thrive, and we are likely to keep hearing about it, seeing it, and using it in the future. It may even inspire the development of new technologies that are similar or with the potential to be better than it. For now, we can keep enjoying NFC contactless payments to simplify the way we complete transactions and pay for goods and services. To date, NFC has helped streamline the use of mobile wallet apps and enhance the retail industry.
For the longest time, cashless payments have revolved around the use of credit and debit cards. NFC contactless payment is set to change that, with mobile wallets having the ability to store information from cards. This eliminates the need to bring the physical cards wherever you go, and all you need is your smartphone to make purchases. The result is more convenience for consumers. The payment process using NFC-enabled smartphones is typically more intuitive and simpler than transactions involving EMV.
NFC contactless payments may help boost operational efficiency of retailers too. That is because it speeds up transactions and reduces the time it takes for customers to wait in line for their turn. Another advantage to this is the increased customer satisfaction when they can fulfil their shopping much faster, with enhanced security and convenience. Your business will not have difficulty implementing NFC technology either. New payment processing equipment have built-in NFC technology, so you do not have to invest in additional tools or NFC readers.
Besides retail, NFC contactless payments have found their way to other industries. They are used in mobile banking, booking tickets or transportation passes, paying for public transport fare, and for obtaining and redeeming rewards or loyalty points. You can also use NFC to provide special offers or coupons to customers.