Near Field Communication, abbreviated as NFC, is a newly evolved technology that is positively shaping the future of mobility and in fact, it has turned out to be one of the best options for mobile payments in today’s context. In layman’s term, NFC can be defined as an open-platform, wireless & contactless technology that is used mainly for exchanging information as well as carrying out payments. The cutting edge technology uses a low-power communications protocol between two devices, allowing people to make monetary transactions using their smartphones. To add more to the bliss, new and innovative contactless credit and debit cards powered by NFC sticker technology have been introduced only to make human life easier and more comfortable. These highly advanced NFC-enabled credit cards can be used at ATMs and retail outlets to make payments simply by tapping or waving the card near the contactless reader rather than dipping or swiping it.
Credit card security has always been a major point of concern for users globally. Over the years, different systems and measures have been introduced and implemented in order to safeguard buyers and their purchases, from using pin codes to dual authentication while using credit cards online to embedded chips - a new technology that is now being integrated to the credit cards of the consumers in US. Fortunately though, NFC credit card, with its high level of security along with ease and convenience, has evolved as an effective solution to the security concerns related to credit cards. The use of NFC technology in credit cards make them highly safe and secure given the fact that you don’t have to handover your NFC credit card to anyone, which eventually reduces the risk related to card loss and fraud. Various researches and studies have revealed that an average NFC credit card transaction is much faster, easier and hassle-free as compared to cash payments. Hence, it can also help in minimizing the rush of the consumers.
On the other hand, as the trend of electronic passports has got increasingly popular all over the world, the risks related to data loss and theft has also increased. However, this is not the case with NFC passport readers. These advanced passport readers are designed to read and verify the embedded RFID (radio frequency identification) chip in such passports and other ICAO compliant identity documents such as ePassports, (Machine Readable Travel Documents). Not only does it make the process a whole lot easy but it also protects confidential information of the users.
The bottom line is – NFC credit card is a futuristic technology with high security standards and hence, you need not to worry about data loss or fraud.