NFC Payments here to stay?

If you own a business you probably had to (or at least think about) upgrading your point of sale systems to handle NFC payments or more commonly known contactless payments. Sure, these are pretty cool but not carry a wallet!? That’s crazy talk! Or is it?

NFC payments in action

What are NFC/Contactless Payments

Contactless Payments are usually mobile based, but also work in some credit and debit cards, that use radio-frequency identification (RFID) or near field communication (NFC) to make secure payments. These differ from mobile payments because they take place within a small distance between person and point of sale system.

What is so great about NFC?

Convenience! Not having to dig through your pockets and then be ‘that guy’ who takes too long putting their money back in their wallet and holds up the line. Also, it’s creating competition in the payment industry. Non-banking companies like Apple, Samsung, Google, Facebook to name a few are entering the market and finding more success than traditional banks (suck it JP Morgan!). This tech-arms race is forcing banks to be more customer friendly which is always a good thing.

 

In addition, if making your customers happy wasn’t good enough reason, MasterCard recently announced that the average consumers spends 25% more using RFID cards than traditional because of the ease of transaction (no wallet fumbling).

NFC payments lose wallet

Is it here to stay?

The answer is simple: yes. In the UK, customers using contactless payments grew by 150% and saw 134% more contactless transactions. The good news is we have time to get ready in America. For a much more detailed overview of NFC check out this article on Forbes.

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