Near Field Communication (NFC) Technology
The near field communication (NFC) is a contactless technology. It allows customers to pay for goods/services by placing the cell phone near the other tools (terminal, phone, and tablet). This technology sends data via electromagnetic fields. Google Wallet alongside Apple Pay, includes an NFC chip to be able to conduct this type of transaction.
So, the aim of technology is to conduct the payment procedure easier and faster as well. The customer needs to have a phone to make purchases, there is no need to carry a wallet. The procedure complies with the payment security requirements because it asks for an identification check by requesting the fingerprint.
The NFC enables smartphones to play the role of traditional cards with the objective to buy tickets, transfer funds, etc. The store must have an NFC-enabled payment terminal to accept the payment. Furthermore, the transactions are faster which means that the customer won’t waste much time in order to make a payment or a transfer and also it allows the client not to carry the usual credit card so it can’t be lost or stolen. Nevertheless, customers commonly still have to carry cash or payment cards due to the fact that not all vendors have the devices to conduct payments via this advanced technology.