NFC, or “near field communication” technology, is making waves throughout the payment industry. By 2020, it is estimated that NFC transactions will surpass a $300 billion payment volume in the United States alone.
Do you know how an NFC transaction works?
NFC is a very simple tech that allows two objects to communicate small bits of data in a close-range without a long pairing process.
So here is where credit card transactions come in. . .
An in-person credit card transaction used to require a card swipe. A process with several steps for both the customer and person behind the register.
Now with NFC, a simple “tap” between a mobile device/card and a payment terminal is all that’s needed. It’s quick, secure, and becoming a more preferred payment type for many customers who use mobile wallets.
Leather wallets are so 20th century. . .
People are coming to accept living in a completely digital world. The proof is in the expansion and popularity of mobile wallets.
A mobile wallet carries the payment ability of your debit or credit card, all in a digitally encrypted smart device like phones, wearable tech (watches and watch bands), and tablets.
You’ve most likely heard of Apple Pay®, Android Pay™ and Samsung Pay. These are some of the biggest names pioneering the digital wallet frontier. Now, more and more people are accepting this as a permanent and mainstream method of payment.
Start accepting NFC transactions in your business?
Contact Titan merchant services today! We can help your business start accepting all major digital wallets and NFC-capable credit and debit cards with a FREE placement NFC-ready card reader.