What Is NFC Technology & How It Works ?
Have you heard about mobile wallet? It is the technology used to make your payments using a cell phone. You tap your cell phone to a device and the payment is made. Mobile wallet finds its applications at many places such as stores, bus and train stations and even restaurants. It helps you pay your bills and payments easily just by using your cell phone. So how does it work?
Mobile wallet is there because of the technology called Near Field Communication. NFC works almost like RFID. You must have seen RFID barcode scanners used at stores. NFC is a mode of transfer of data between two devices. However, NFC phones must be placed in physical contact to the receiver device for communication.
The Boom of NFC
Near Field Communication technology is quite promising. The ability to make payments just with a cell phone is a great idea and that’s why the technology is gaining popularity. Many telecommunication companies are coming forward to incorporate the technology with their devices.
Smart phones too are striving to join hands with NFC. Soon there will be many smart phones with NFC seen around in the US. Apple is also working to get NFC technology in its iPhones and iPads. Reports from Bloomberg reveal that Steve Jobs has been working to integrate the Near Field Communication technology into his iPhone and iPad. Apple hired a mobile payment expert and also applied for a patent on NFC.
NFC Competes with Magnetic Card Technology
NFC ensures secure mobile payment. Recent cases have revealed that traditional credit cards systems can be risky. There is a possibility to skim data via the magnetic strip. Therefore, some credit cards have got NFC chips attached to them and they can be read with an NFC reader. NFC is a promising technology and has the potential to compete with many recent technologies.
Google Launches its NFC enabled Application – Google Wallet
Google is taking considerable interest in this new technology. Google Wallet allows people to make payments with their NFC cell phones. The application allows users to tap their NFC phones on the terminals to make the payment. However, the technology is limited to the number of NFC terminals available and to the number of phones with NFC support. At present, Google Wallet only works with Android Nexus S smart phone.
The technology is gaining popularity around the world. Mobile wallets can be used in online shopping or other online e-commerce websites such as online gaming websites. Here is the list of Best Mobile Payment Apps. You can easily pay your utility bills, bus fares and make payments at stores using your mobile wallet.
The technology is being accepted with great interest in third world countries. There are countries where modern payment methods like credit cards have not yet developed and they still rely on cash for most of their transactions. Cash is an insecure mode of payment and is prone to theft. Cash also requires people to wait in long queues. Mobile wallet is bliss for these people as they can now make payments using their cell phones.