Before getting into the specific devices that are transforming the field of payment, it is first important to define and explain a crucial technology. NFC, which stands for Near Field Communication, allows for devices to exchange data without wifi, and at a close range. In terms of business transactions, this information comes in the form of bank accounts and other personal financial data.
The greatest innovation concerning NFC is applying it not only to credit cards, but also to mobile devices. If you’ve ever walked into a coffee shop and seen someone just holding their phone straight in front of them at checkout, chances are high they are using their phone’s NFC technology to make a purchase. Companies like Level Up, Apple Pay, and Google Wallet are all popular examples of this contactless payment.
But if mobile contactless payment is already prevailing, what’s next? Well, that’s where new technology that’s derived from NFC comes into the picture. The very development of NFC is an improvement over a previous, contactless innovation: radio frequency identification (RFID) technology. Therefore, it is feasible that the next iteration of NFC will be a breakthrough in the realm of contactless transactions.
Contactless technology is just starting to emerge on new platforms like smart watches and clothing. For example, The Samsung Gear G2, which utilizes Samsung Pay technology, is a recent smartwatch product that focuses on contactless payment, while the Lyle & Scott bPay jacket incorporates NFC technology right in the sleeve cuff.
The next contactless technology could just be your very own body: hands-free transactions and technologies are being developed, with Google leading the pack by introducing an app called Hands Free. The goal is to be able to visit a participating retailer and check-out by stating your name to the cashier. A sensor then corresponds your name to the app’s database to confirm that you have the app downloaded and then it charges you on site. No credit card, no flashing a mobile phone or smartwatch - just simple vocalization and the transaction is complete.
With technological innovation always striving for greater efficiency, ease, and user satisfaction, it comes as no surprise that the realm of financial transactions is changing. Whether it’s with your phone, watch, jacket sleeve, or soon just your voice, the future of payment technology has arrived and the way you decide to pay is an ever-evolving decision.
Author : Rae Steinbach
fueled.com
The greatest innovation concerning NFC is applying it not only to credit cards, but also to mobile devices. If you’ve ever walked into a coffee shop and seen someone just holding their phone straight in front of them at checkout, chances are high they are using their phone’s NFC technology to make a purchase. Companies like Level Up, Apple Pay, and Google Wallet are all popular examples of this contactless payment.
But if mobile contactless payment is already prevailing, what’s next? Well, that’s where new technology that’s derived from NFC comes into the picture. The very development of NFC is an improvement over a previous, contactless innovation: radio frequency identification (RFID) technology. Therefore, it is feasible that the next iteration of NFC will be a breakthrough in the realm of contactless transactions.
Contactless technology is just starting to emerge on new platforms like smart watches and clothing. For example, The Samsung Gear G2, which utilizes Samsung Pay technology, is a recent smartwatch product that focuses on contactless payment, while the Lyle & Scott bPay jacket incorporates NFC technology right in the sleeve cuff.
The next contactless technology could just be your very own body: hands-free transactions and technologies are being developed, with Google leading the pack by introducing an app called Hands Free. The goal is to be able to visit a participating retailer and check-out by stating your name to the cashier. A sensor then corresponds your name to the app’s database to confirm that you have the app downloaded and then it charges you on site. No credit card, no flashing a mobile phone or smartwatch - just simple vocalization and the transaction is complete.
With technological innovation always striving for greater efficiency, ease, and user satisfaction, it comes as no surprise that the realm of financial transactions is changing. Whether it’s with your phone, watch, jacket sleeve, or soon just your voice, the future of payment technology has arrived and the way you decide to pay is an ever-evolving decision.
Author : Rae Steinbach
fueled.com