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Описание: Near Field Communication (NFC) has become a more common term in the payments industry over the last few years because it's the technology behind mobile payments. But what exactly is NFC and how does it work? Let's start with a definition, and then we'll get into seven things to know about accepting NFC payments.

What is NFC payments?
NFC is a method of wireless data transfer that allows smartphones, laptops, tablets, and other devices to share data when in close proximity. NFC technology powers contactless payments via mobile wallets like Apple Pay, Google Pay, as well as contactless cards.

How do NFC payments work?
NFC is similar to radio-frequency identification (RFID) technology, but is limited to sharing data with other devices that are within about four inches. That's why a consumer paying with their mobile wallet must place their device close to the contactless payment reader.

How do NFC payments work with contactless payment technology?
NFC is also similar to Bluetooth technology, but differs in that NFC doesn't require device discovery or manual syncing like Bluetooth. It also uses less power than Bluetooth.NFC can be used three different ways:

Peer-to-peer: Two NFC-enabled devices can establish a connection and share data

Read/write: An active device, such as a phone, picks up data from a passive device, which does not have the capability of reading information itself

Card emulation: An NFC device can be used like a contactless credit card
The third use is the one that is most applicable to merchants because it allows for the acceptance of mobile wallet payment or contactless payments- which is our focus here.

FACT #1: Accepting NFC payments is easy and convenient
When EMV chip cards first came out, one of the concerns was the introduction of a new step in the checkout process. The process of "dipping" (and waiting) was a little awkward for consumers at first. Regardless of how long it actually took, consumers felt like the dipping process took longer.

Jump ahead to contactless mobile payments, and voilà- consumers can skip the dip. For smaller transactions, contactless payments can skip the swipe, sign, and PIN as well. Contactless payments typically take less time than chip card transactions. And since consumers usually hate to wait, even for seconds, less time per transaction means happier customers.

Digital wallets are a natural extension of the trend of the smartphone to become an all-in-one device that meets the modern consumer's every need. The prospect of that consumers leaving their wallets behind and carrying only their smartphone to pay for purchases, is convenience in action.

FACT #2: NFC mobile payment technology is designed to be stable, safe, and secure
Like EMV chip cards, mobile wallets are more secure than magnetic strip cards. While a phone is still vulnerable to theft, as long as the passcode or biometric protection has been activated, the device will be virtually useless to thieves.

With mobile wallets, a consumer's payment data is exposed only once, when the card information is entered into the mobile wallet. This information is then encrypted, so that every time the consumer taps their mobile wallet for payment at an NFC enabled terminal, "virtual" payment data (meaning not real card information) is sent from their phone to the payment device. The full card number is not exposed. When this virtual data is passed to the payment terminal, it's often immediately encrypted by the merchant's payment processor using Payment Card Industry (PCI) validated methods.

To summarize, data involved in an NFC mobile wallet transaction has two layers of protection: 1) the device itself, and 2) data encryption. If you think about it, this is a lot safer than carrying around a physical card which could easily be stolen and used.

FACT #3: Paying by smartphone is the new consumer normal
The explosive growth in mobile technologies may drive new consumer expectations, which are higher than ever. Whether you call it the "Amazon effect" or something else, what smart merchants are learning is that whatever any given consumer considers the "best" level of price and service, that's what they expect from every merchant.

Futurists, cartoonists, and movie makers have long offered many versions of what commerce might look like a century from now. Today's reality is in many ways beyond what even the most progressive thinkers imagined. Consumers across the globe have demonstrated not only their comfort with mobile payments, but their insistence on having every available option at checkout. Paying by smartphone is, simply, the new consumer normal.

#bank #nfc #pay

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