Latest Addition

6/recent/ticker-posts

Header Ads Widget

How NFC Technology is Revolutionizing the FinTech Industry

 

How NFC Technology is Revolutionizing the FinTech Industry

The entire world is now moving towards digitalization. Our daily tasks are increasingly dependent on technology. Even crucial aspects like financial services are not beyond the touch of technology. To make essential financial services more accessible and convenient, we use NFC technology. Near-Field Communication (NFC) technology is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm (1.5 inches) or less. NFC technology can be used to bootstrap wireless connections using a simple setup and a slow connection.


NFC Technology in the Banking Sector:

NFC technology has brought a touch of modernity to the banking sector. It is currently used in banking and financial sectors, particularly in POS Acquiring Services. To save valuable time in our busy lives, NFC technology provides contactless payment facilities through POS machines. With an NFC-enabled POS terminal, there is no need to insert or swipe the card. Simply bringing an NFC-supported bank card within a specific distance of the machine will allow it to automatically read the card’s information. For payments up to a certain amount, no PIN is required.

 

To take advantage of NFC technology, both your payment card and the POS terminal must support NFC. Check for the NFC symbol on the front or back of your card to see if it is supported. The NFC symbol looks similar to a Wi-Fi signal.

 

Caution: Under no circumstances should you share your card's PIN with the merchant. When entering your PIN at the POS machine, cover the keyboard with your other hand to ensure no one else can see your PIN.