Necessity of NFC in Crypto Currency

Necessity of NFC in Crypto Currency

Posted on: 09 Oct, 2021

Near Field Communications is a technology that allows two NFC-enabled devices to communicate when held in close proximity to each other—typically about 4 centimeters. NFC technology makes payments possible when consumers “tap” their NFC-enabled smartphones or NFC-enabled cards on or near NFC payment acceptance devices.

Here are the top four benefits of adopting near field communication technology to accept contactless payments at your point of sale:

#1- Convenience and ease of use

Consumer expectations for convenience are always on the rise. In almost any situation consumers will typically flock to the fastest, easiest and most convenient option.  Near field communications make payment transactions easy, as consumers often only need to hold up their phones or their NFC cards to make a payment.  Unlike EMV transactions where consumers had to learn to dip, and wait, NFC-enabled smartphone payments are typically simple and intuitive.

What’s the one item that your customers typically have on them at all times? It’s their smartphone, of course. No wonder mobile wallets using near field communication are rising in popularity. For those who still prefer cards, NFC-enabled cards provide the same functionality in a convenient and familiar package.

#2 - Improved operational efficiency

Near field communication allows for faster transactions which cuts down on the amount of time customers have to wait in line as well as time spent at the register. NFC helps speed up checkout lines, increasing customer satisfaction with your business.

Near field communication means less time per transaction. That represents a critical operational efficiency for businesses that turn a high volume of transactions at checkout. Happier customers and more efficient operations are measured in the bottom lines of businesses everywhere.

#3 Ease of implementation

Near field communication technology is easy to implement. You’ll need NFC-enabled payment terminals, like credit card terminals or integrated point of sale systems. Fortunately, most new payment acceptance equipment sold today or in the recent past already contains near field communication technology built in. Setup is simple and quick.

Like anything regarding payments, you’ll want to work closely with your payment processor to make sure you’ve configured your equipment properly and your payment acceptance is set up to accept both contactless cards and mobile wallets. When you work with a leading payment partner like Worldpay, that part is easy, too.

#4 Enhanced security

If you want to know the safety of near field communication, that's understandable. Maintaining customer confidence depends on securing the transmission of their payments and all data related to payment transactions.

The security of near-field communication technology begins with "near" -NFC signals which only transmit inches of data from NFC devices (such as payment terminals). Unlike wireless internet technology, near field communication signals cannot be hacked from across town, down the street, or even across the room.

The security offered by smartphones makes NFC payments more secure. In addition to preventing the tokenization of private and personal credentials, smartphones also add additional layers of personal identity verification, such as passwords and biometric security. All of this additional security is in addition to existing fraud filters and other security measures (such as EMV), helping to protect all electronic payment transactions.

Worldpay is a leader in helping businesses implement near-field communication technology to accept contactless payments securely and conveniently. Contact one of our payment experts to learn more about how we can help protect your business with secure transactions, thereby minimizing fraud and reducing risk.

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