NFC Payments Overview

NFC Payments Overview

Copyright: © 2017 |Pages: 42
DOI: 10.4018/978-1-5225-2306-2.ch001

Abstract

NFC payment is the latest mobile payment technology for cashless transactions. Mobile payment is an application of mobile commerce which facilitates mobile commerce transactions by providing the mobile customer with a convenient means to pay. Many mobile payment methods have been proposed and implemented like user friendly, customer centric, merchant centric where security concerns are highly addressed. This chapter discusses the evolution of mobile payments that describes different technologies like SET, Barcode, Biometrics and also Near Field Communications that provides a platform for many applications for peer to peer transactions and other security features where confidentiality and trust are main concerns. Near Field Communication (NFC) provides means to close-range contactless identification and communications for mobile phones and other devices Also, use of NFC for short range communication allows the possible integration with existing Point-of-Sale equipment and the payment process from the customers and merchants perspective.
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Evolution Of Nfc Payments

Traditionally, in the real world the most popular modes of payments are cash, cheques, debit cards and credit cards. With the possibilities created by the Internet, a new generation of payments appeared, such as electronic payments, digital payments and virtual payments. Payment methods have evolved from the physical exchange of notes and coins through to transferring payment card details either in person, over the phone or the Internet. This evolution has involved a shift from the physical transference of tangible tokens of value to an exchange of information between parties. The introduction of electronic payment has further digitized the payment process, whereby payment details are sent over open networks with no physical contact between the buyer and the seller. This has evolved still further with the concept of mobile transactions referred to as mobile payment.

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