NFC technology is a standards-based wireless communication technology that allows data to be exchanged between devices that are a few centimeters apart. What’s more, NFC chips contain residual power so they’ll continue working for a while even after the device’s battery has died. Many of today’s most popular smartphones and other devices support NFC technology, including iPhone 6 and 6 Plus. View the current list of phones that support NFC technology to see if your devices support this emerging payments technology. Payment application prompts customer to verify payment via fingerprint (biometric) identification or by entering a preset passcode. The SE is the most important part of the NFC mobile payment transaction because it holds all of the authorization power.
After that, the transaction completes processing just like a credit card swiped transaction, traveling from the terminal, across the network and to the bank for payment. As more consumers become familiar with and accustomed to the convenience of using their phone to make everyday purchases, the more the use of NFC payments will grow. NFC mobile contactless payments are accepted at both attended POS locations, like retail stores, and unattended locations, like vending machines. Check out the NFC Forum website for more information on how NFC is used and will be used in innovative payments processing and credit card acceptance.
Patty Walters is the senior vice president of Merchant Products and Security at Vantiv—a role that gives her responsibility for all EMV strategy for the Vantiv Merchant business. NFC is built upon RFID systems by allowing two-way communication between endpoints, where earlier systems such as contactless smart cards were one-way only. A secure mobile wallet app for credit card information and facilitating NFC transactions.
To process NFC mobile payment, Android Beam uses NFC to enable Bluetooth on both devices, instantly pair them and disable Bluetooth automatically on both devices once the desired transaction is completed. Instead of tapping your credit card on the NFC machine at the checkout counter, all you have to do is wave your smartphone or tap it on the machine to make your payments. It’ll be able to identify the credit card information linked on your Google account.
Link your debit or credit card to your Google account and you can leave your wallet at home – but at the moment, it only works with phones and credit cards from the US and only in the US. Currently, it supports 20+ merchants on the ground and online, promising more merchants to come. MasterCard PayPass is a contactless” NFC payment app that has features similar to American Express’s ExpressPay, and Visa’s payWave. Most of the people think, use of NFC tags are limited to small automation tasks like changing profile setting.