P2P Payments By Tapping Mobile Phones.
By
Staten Island, NY Posted: 8/28/2015 1:00:00 AM
NFC has revolutionized the payment industry. Why limit it to purchases in stores?
There's a lot of buzz in the industry about NFC payments, which allow you to securely make payments by tapping payment terminals with your smartphone.
NFC, which stands for "Near Field Communication" uses very low powered antennas that pass data only at very short distances, which means you generally need to tap your smartphone directly against another NFC compatible device to send it, which makes it perfect for swapping contact information, photos, or digital payments, such as Apple Pay, Google Wallet, etc.
The great thing about NFC is that it's actually even more secure than a traditional credit card, because the recipient doesn't actually get access to your credit card number. NFC payment systems keep card numbers private and only exchange information about the transaction itself, so the recipient only gets the payment, not your card number.
Right now the focus is on making purchases in stores, but sending from person to person should be possible too.
This would be a big first step towards making cash payments obsolete because it can allow people to give money to family, friends, street vendors, delivery people... just about anyone, just by using smartphones or smart watches.
Since the technology already exists, all it will take is for companies to establish standards for things like fees.
Joe Crescenzi, Founder
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