NFC is the technology that’s the way the mobile device and the NFC-enabled point-of-sale system talk back and forth to each other to process a payment. The devices do have to be close, though (that’s where the “near” part of near field communication comes in). For a contactless payment to go off seamlessly, you usually have to hold your phone two inches or less from the reader.
When a contactless payment is initiated (by a customer holding or tapping a mobile device to the payments terminal), the NFC technology goes to work. Using the specific frequency, the NFC-enabled reader and the smartphone pass encrypted information back and forth to each other to complete the payment. This all takes just seconds. Speed, in fact, is one of the coolest parts of NFC payments. They take a fraction of the time and are faster than cash and card payments.
One needs to get a new NFC-enabled payments reader that can accept contactless payments.
We at Fintech Bee develop NFC for your business with our effective workflow; Supports all kinds of NDEF Records and data types.