Near field communication, commonly abbreviated as NFC, is a type of technology used to exchange data between two devices that are close together. NFC payments are a contactless payment method that includes tap pay credit and debit cards in addition to mobile wallets stored within smart devices.
NCF payments are achieved when the payment method and reader device are activated close to each other. A contactless connection is formed between the two devices through radio waves that contain encrypted customer data and facilitate the payment process.
The most popular NFC payment solutions include-
- Apple Pay
- Google Pay
- Android Pay
- Samsung Pay
In order for a business to accept NFC payments they need to invest in a specialized card reader. Card readers are offered by various vendors, including PayPal and Square, and are generally affordable enough for small businesses and start ups to invest in.