What are NFC Mobile Payments? The term “NFC” stands for Near Field Communication and is a growing payment technology with many advantages to the consumer. With this technology mobile devices such as smart phones have the ability to act as a virtual “Wallet”. Simply touch your NFC smart phone to an NFC enabled payment terminal to complete your transaction. There is no physical card required. If there are available coupons or discounts available, they will automatically be deducted from the transaction if selected. It is quick, simple and mostly, unlike magnetic stripe cards, it is secure.
NFC enabled smart phones are commonplace today in both the United States and abroad. If you are considering adding a Credit Card Payment System to your Laundromat, it is important for you to have this technology built into your system to stay relevant and current. At Setomatic, when we began developing our SpyderWash Payment System, we took into consideration the accelerated pace at which Payment Technologies have been advancing. We made sure to build-in emerging Payment Technologies that were already being widely used in many other parts of the world. Only with a SpyderWash Payment System will you be equipped to accept NFC Mobile Wallet Payments such as Apple Pay and Android Pay.
What is the Current Status of NFC Mobile Payment in the United States?
There are two major players in the NFC Mobile Wallet world. The first is Apple who created “Apple Pay”, and the second is Google, who created “Google Wallet” and now “Android Pay”. These Mobile Wallets allow you to upload your current Credit/Debit Cards to your NFC enabled smart phone and make payments at NFC enabled terminals by simply taping your phone to the terminal. There are millions of “Contactless” enabled payment terminals across all different type of industries; from most major retail chains to self-serve industries like Laundromats, Gas Stations, Vending Machines, Car Washes and Taxi Cabs. The fact is, with Payment Technology rapidly evolving and Credit Card magnetic stripe fraud rapidly increasing, all major banks and processors are turning to these forms of emerging technologies as an answer. In countries that have adopted these more secure technologies, credit card fraud is down by as much as 80%. With billion dollar companies investing into this type of technology, the future for NFC is bright. PayPal and Samsung have also announced they are rolling out their NFC Wallets in 2016.
Key Advantages of SpyderWash’s NFC Enabled Readers:
- No need to invest in a new system when this emerging technology become the norm
- Simply tap your NFC Mobile Wallet to our reader to start the machine
- Increased security
- Unique advantage over your competitors
- Can also be used for RFID Contactless Payments. Please see the “RFID Contactless Payments” section for more information about this emerging technology
- Contactless technology (RFID and NFC) is used in many other ways besides payments, including turning your phone into a boarding pass, train ticket and more
- Coupons/Discounts automatically applied (if available)when you use your NFC Mobile Wallet
- NFC Mobile Wallet users will prefer retailers who accept this form of payment
- Improving service quality and meeting customer needs increases customer satisfaction
NFC Technology and its Many Uses:
NFC allows a device, usually a mobile phone, to collect data from another device or NFC tag at close range. In many ways, it’s like a contactless payment card that is integrated into a phone. In other ways, it’s similar to Bluetooth, except that instead of programming two devices to work together, they can simply touch to establish a connection.
Here are just a few examples of how NFC is being used today:
- Mobile payment: An NFC device can make a payment like a credit card through your cell phone by touching a payment terminal at checkout.
- Ticketing: Tap an NFC device to purchase rail, metro, airline, movie, concert, or event tickets.
- Boarding pass: A NFC device may act as a boarding pass, reducing check-in delays and staffing requirements.
- Point of Sale: Tap a Smart Poster tag to see information, listen to an audio clip, watch a video, or see a movie trailer.
- Coupons: Tapping an NFC tag on a retail display or Smart Poster may give the user a coupon for the product.
- Tour guide: Tap a passive NFC tag for information or an audio or video presentation at a museum, monument, or retail display.
- File Sharing: Tap one NFC device to another to instantly share a contact, photo, song, application, video, or website link.
- Electronic money: To pay a friend, you could tap the devices and transfer funds.
AND SO MUCH MORE…