Near Field Communication (NFC) Definition

Merchant Account NFC Explained:

What is NFC? NFC, or Near Field Communication, is a set of standards for smart devices to interact via radio communication when in close proximity to one another. This technology is currently attracting some attention as a method of processing payments wirelessly using smartphones.

NFC payments, also known as contactless payments, generally take place when a customer’s smartphone or NFC chip-embedded card is held in front of or near an NFC-compatible scanner. Financial information necessary for payment is transmitted via wireless communication between the two devices, resulting in a cash- and card-free transaction. NFC payment processing has gained in popularity in Europe, but may soon become a common method of payment in the US as well.

Near-Field Communication Video Explanation

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