If you’ve looked at the hardware specifications for a top of the line handset at any point in the last few years, there’s a good chance that you’ve seen NFC listed on the spec sheet. But despite the age of NFC, it hasn’t yet become the norm for all smartphones. If you’re content with an older handset, or can’t quite justify springing for the latest top of the line model, you may be wondering what all the fuss is about. So here’s a rundown of what NFC is, how it works, and what it can be used for.
NFC stands for “Near Field Communication” and, as the name implies, it enables short range communication between compatible devices. This requires at least one transmitting device, and another to receive the signal. A range of devices can use the NFC standard and can be considered either passive or active, depending on how the device works.
via Android Authority.
It’s no longer a question of when and how mobile will emerge as a payments platform.
The habit of paying for things on smartphones and tablets is already ingrained in modern consumer society, particularly among young demographics. In the same way digital payments companies like PayPal helped usher in the PC-based e-commerce explosion, mobile-focused companies are exploring how to make these transactions easier, for shoppers and merchants, at physical stores and online.
via Business Insider.
Loop is a new mobile payments startup making some fairly big claims. The company says it has invented a technology that lets you pay with your phone at nearly any point-of-sale across the U.S., without requiring merchants to upgrade their hardware. Nor do you have to own a particular device, like those NFC-based smartphones required for mobile payment services like Google Wallet or Isis.
Instead, consumers can either use a dongle plugged into their smartphone or a special charge case that is simply held close to the magnetic stripe reader the place you swipe your credit card at checkout. Seemingly like magic, the payment processes as if you had swiped your card as usual.If mobile payments were this easy, though, why hadn’t someone launched technology like Loop’s years ago?
The answer has to do with how complicated the payments industry is, as well as the challenge that lies in changing consumer behavior on a broader scale.