NFC mobile payments simplify your shopping experience by eliminating the need to carry notes and coins. Simply tap your NFC-enabled phone or device on an NFC payment terminal while keeping it in your wallet, handbag, or pocket — without needing a single modification. We’ve all been there. You’re ready to check out at the store, but you find yourself juggling your items, digging through your purse or wallet, and fumbling for your credit card. This isn’t the best way to complete a transaction. But there are ways of making the checkout process easier. Near field communication (NFC) mobile payments come with the advantage of being quick and convenient for you, which means you have more time to shop!
NFC payments occur when an NFC-enabled mobile device is placed near the payment terminal. They are more secure than contactless cards because the information sent from the mobile device to the payment terminal is encrypted. The concept of mobile payments is newer than ever, and as it becomes more popular, NFC mobile payments are becoming more common, in part because of Pay. These payment methods allow customers to use their hand-held devices for purchases at participating retailers.
tap-to-pay functionality is being enabled on a growing number of NFC-enabled credit and debit cards. By touching one of these cards to the right spot on an NFC-equipped phone, you can obtain the same convenience that a store clerk has when collecting cash or writing a physical check. Near-field communication (NFC) is an easy way to pay. Simply install an NFC-enabled app and you’re ready to go. With the two-way encryption of an NFC payment, your phone uses a secure chip that is set up only for your mobile payments. You can use your NFC phone wherever near-field communication (NFC) is accepted.
With NFC payments, your credit card information is encrypted when sent to the payment terminal and is safe from unauthorised access. This technology also requires approval to proceed with the transaction by scanning your face ID, fingerprint or entering a passcode, making it difficult for hackers to steal. Additionally, a randomly generated one-time code is generated that gets sent to the merchant instead of your debit card number. This one-time code cannot be used again, making it useless from an unauthorised access standpoint. Between needing very close proximity to the terminal and biometric or multi-factor verification for approval to proceed with the transaction, this technology does not easily occur accidentally and protects you from unauthorised access.
Consumers have trust issues with mobile payments and the technology that underpins it, but this is slowly changing. NFC chip cards and phones are becoming more widely accepted among consumers, who report feeling more secure when using tap-to-pay. Besides, there’s a lot to love about tap-to-pay mobile wallets. Common reasons for late adoption from customers include hesitation about payment security and uncertainty about how to make the payment. Fortunately, NFC-enabled payment devices accept traditional card payments, and customers can choose what feels right for their comfort level. In addition, the merchant will receive the same payment processing fees regardless of the payment method used.
There are multiple reasons to consider contactless payments with NFC. This brief guide will walk you through the top three benefits of using NFC payments in a retail environment. Currently, this payment option accounts for over half of all mobile payments. Consumers also prefer mobile payments to standard credit and debit card transactions. Many new credit and debit cards are also equipped with tap-to-pay embedded in the card, making it easier for consumers to make payments without the hassle of digging for their wallets or fumbling for a different form of payment.
As contactless payment has gained popularity in recent years, many businesses do not take advantage of this payment method. Paying with your NFC-enabled phone has become popular because everyone has immediate access to their phone in a durable and convenient form factor. The integration of NFC payments at a POS leverages the customer communication process and in some scenarios is easier for customers than a credit card payment.
