Glossary

Near Field Communication (NFC) Technology

NFC is a contactless technology that permits 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, as well as Apple Play commonly, include NFC chip in order to be able to conduct this type of transactions.

The technology is designed in order to conduct the payment procedure easier and faster as well. The customer just needs to have a phone to make purchases so there is no need to carry a wallet and a phone. The procedure complies with the requirements of the payment security because it asks for an identification check by requesting the fingerprint.

This NFC gives the possibility for smartphones to play the role of traditional plastic cards with the objective to buy tickets, conduct payments, transfer funds, and order some services as well as many more. 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.

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