Near Field Communications (NFC) Changes Credit and Debit Cards

As the world’s leading credit card organization, Visa’s very powerful brand could lead to rapid growth in mobile payments if it offers compelling services via near field technology (NFC). Visa’s “payWave” technology enables card holders to pay at the cash register with a wave of a special credit card. Consumers are alerted to cash registers that use payWave by a unique logo at the register. They have the option of receiving a printed receipt, and enjoy Visa’s zero consumer liability policy for unauthorized purchases if the card is lost or stolen.

NFC is similar to RFID, but can offer the advantage of two-way communications between devices. In the credit and debit card business, this is often referred to as contactless payment, waveable cards or tap and go. This means that consumers can simply wave the credit card past a reader—rather than rely on the swiping of a magnetic strip. The chip in each card uses encryption technology to deter theft and fraud. The idea is to speed up cash register lines and make things more convenient for consumers. For example, it is a practical technology for purchases at fast food counters, toll booths and vending machines. Signatures will not be required for small purchases made with these cards. Of course, ExxonMobil has been offering its contactless SpeedPass payment system at the gasoline pump for years, and millions of ExxonMobil card holders are enthusiastic users.

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Near Field Communications (NFC) Changes Credit and Debit Cards, Business and Industry Trends Analysis

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