If you haven't already heard of NFC technology, you should. Near-Field Communication (NFC) is a method of contactless communication and data exchange between electronic devices like smartphones and tablets to other devices such as credit card terminals. NFC will not only be a valuable solution for consumers, but for businesses as well, as it has already begun emerging at point of sale counters.
Nowadays, people are rarely without their smartphones and tend to use their phones for a multitude of functions, including payments. NFC can simplify and bring convenience to your life as our world continues to become more digitally influenced.
NFC can be used in a range of different ways at a variety of different places. Here is a list of the top 6 ways NFC can be used by consumers:
1. Vending Machines: Need to grab a soda from the vending machine but don’t have any spare change? NFC is now being installed on vending machines so consumers will just “tap and go” by using their smart phones instead of paying with cash or credit card.
2. Retail: Paying in-store just got easier with NFC. When checking out, consumers will wave their phone on the NFC-enabled terminal to pay for a purchase. Using NFC in retail stores will also allow consumers to take advantage of digital couponing and build loyalty rewards.
3. Ticketing: Time is of the essence when trying to board a subway or train. NFC ticketing helps expedite the time it takes to buy a subway ticket by allowing consumers to buy a mobile ticket and use their phone at the reader to swipe and get on their way.
4. Boarding Pass: Using NFC at places such as airports allows travelers to quickly board hassle-free by just waving their phone, instead of relying on long kiosk lines or having to keep up with a paper boarding pass.
5. Access Key: NFC can also convert your smart phone into an access key, allowing secure access into certain buildings or hotel rooms and helps cut down on having to keep track of a physical key or keycard.
6. File Sharing: NFC authorizes sharing of documents, data files, photos and more between two phones that are from the same devices. For instance, an Android phone will only share files with another Android phone. Now, consumers can share information from their phone to a friends phone with just a tap.
To give a better idea of how widespread NFC is becoming, here is a list of NFC facts:
- 86% of POS terminals within the U.S. will be NFC-enabled by the year 2017.
- 100% of the major payment networks already support NFC including Visa, Mastercard and Amex.
- There are 200 NFC enabled handset phone models currently available
- In 2017, there is projected to be 2.8 billion NFC payment transactions worldwide.
- By 2017, there will be 43 million contactless terminal installed
- 1 in 3 smart phones are now NFC-enabled
NFC’s vast list of where and when it can be used is highly appealing. From retail stores, to hotels, to businesses, and sharing files with friends, NFC is unquestionably evolving the way we communicate, activate, and pay for transactions.
Reach out to a merchant services provider to get started on how to upgrade your payment terminal to be NFC-enabled today!