Near Field Communication (NFC) advances the state-of-the-art in mobile payment technology by allowing consumers to purchase goods and services using proximity or contactless transactions. By simply waving a smartphone or any other NFC-enabled device at a point-of-sale (POS) terminal consumers can easily purchase goods and services faster than with cash or credit card purchases.
Forrester Research predicts that mobile payment transactions will grow at a compound annual rate of 48 percent to reach $90 billion by 2017 in the United States alone. Forecasters say the bulk of that spending will be by proximity payments.
Near Field Communication technology provides short-range, up to 10cm, wireless data connection to mobile devices and is based on Radio Frequency (RF) technology at 13.56MHz. By using this new capability on existing infrastructures, NFC-enabled devices are able to support services designed for contactless transactions: ticketing, payment, loyalty programs. In addition, Near Field Communication offers new functions such as the reading of Near Field Communication tags, validation of transactions and Peer-to-Peer communication.
Near Field Communication are based on and supported by the following Radio Frequencyand are based on existing radio frequency (RF) standards:
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