Near Field Communication, or NFC, is a wireless communication interface that connects phones to POS (point of sale) and mPOS (mobile point of sale) devices through close proximity, but how can this benefit your business? You may not know it, but NFC is actually enabled in the majority of current smartphones. It is not only compatible with all Android and Samsung devices, but in iPhone 6 and 6 plus as well. In today’s blog, we’ll take a look at the benefits that companies like Starbucks and Apple have already been receiving through using NFC payment transactions.
With NFC, convenience is a two-way street that provides both consumers and merchants many benefits. Have you ever seen someone scrambling through a purse or a wallet to find a card, or maybe even the quarter stuck near the bottom? Well, with NFC transactions, payments are made simple with a quick tap of the screen of a phone. Customers can even receive receipts, use coupons and follow loyalty programs electronically. As mentioned, your customers aren’t the only ones receiving the added convenience. As a business owner, more transactions no longer require the physical transfer of cash and receipts, thus keeping your lines moving.
It goes without saying that efficiency and productivity are some of the main benefits of NFC. Why else would Starbucks, with their long and time-consuming lines, be a leader and such a notable example of NFC usage? If you are looking for something that is not only time efficient, but also customer-friendly and easy to use, then NFC is right for your business.
The scope of NFC goes beyond the basic business transactions of restaurants and other small businesses. Today, it is being used for train transit, ticket scanning, vending machines and much more. It’s no wonder that the number of NFC enabled phones being shipped is projected to be as high as 2.2 billion in 2020 from 756 million in 2015. It is also constantly revolutionizing mPOS software.
Dealing with credit card fraud is troublesome for consumers due to the fact that credit card information becomes readily available and easy to use. Using NFC technology like Apple Pay protects your customers by encrypting their information. Through systems like these, fraudsters have to work harder to steal access to credit card information. Similarly, if a phone is stolen, consumers are protected by passwords and thumbprint security. Although NFC transactions are incentivizing hackers, it is still safer than traditional credit cards.
Consumer protection, convenience and building relationships with customers are at the forefront of business owners minds. NFC works to benefit the customer, but also the business in order to create a more convenient, efficient and versatile process that will, in turn, create a sense of trust between the two. So get started today and find out more about the NFC-enabled products offered by PayAnywhere here!
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