Industrial Research World

  Whether it is the convenience of use or the transactions’ speed, contactless payment is gradually paving way for itself in this high-tech world. Among millennial, the trend of using contactless payment cards and phones is on the rise, as the awareness and benefits of going cashless is surging. Businesses are also taking up this novel payment method to empower their customers and to capitalize in the future of business. What is Contactless Payment? Contactless payment is a technology based on Radio Frequency Identification (RFID) or Near Field Communication (NFC) technology. They are available in several types including credit & debit cards, smart cards, smartphones, key fobs, and other devices like wearable devices (watches, rings, etc.). In this novel payment technique, payments are carried out through a secure contactless system, for instance, Apple Pay, Fitbit Pay,  Samsung Pay , Google Pay, or any bank mobile application that facilitates contactless transactions. Request an P

The contactless payments are exploding in popularity all across the globe owing to growing acceptance of consumers and easy-to-use feature. A near field communication (NFC) technology is utilized by contactless payments to allow communication between two electronic devices. In NFC data can be transmitted over radio as it is a short-range wireless communication system. With NFC technology the data is transmitted only if the two devices are in a close range to each other.  Contactless payment  is an easy and convenient alternative of cash payment in which the customer can make payments using chip cards such as credit, debit, or smartcard. There are two main types of contactless payments: Contactless Cards These cards are debit or credit cards that allows transmission of payment data because of an antenna embedded in the card. Mobile Wallets Mobile wallets are apps, like Apple Pay or Google Pay, in which consumers can store their card information. During checkout, the consumer opens the a