You must have seen two local devices sharing small bits of data, near the point of sale terminals in shopping malls or cash counters in retail outlets. Such devices work on the lines of smart cards, print advertisements and commuter card technologies but it is only recently that these have been placed on Android, Windows Phone, and iOS. This advancement has made Near Field Communication (NFC) more relevant in case of mobile-based payments.
Automating the whole lot of phone functions like passing contacts, configuring wireless settings and launching the application is also a big trick which is known to an experienced user. On the topmost step, they know how to make use of NFC tags.
Google Pay ( Android Pay was rebranded and renamed as Google Pay ) is an application for making NFC payments designed for all Smartphone users. It is the successor of the Google Wallet tap and pay, is used to make payment at a point of sale terminals in retail stores and malls. Credit/debit card details of user will be shared to the point of sale device as soon as your SmartPhone will connect to that device via signal and NFC payment will take place.
Google Pay comes across as a very convenient contactless payment option. It ensures zero liability coverage, is secure (does not share actual debit/credit card details, instead sets up a virtual account number to represent card information that helps secure card details). The apps makes it very easy to track all purchases, earn and redeem all loyalty points and get personalized suggestions to help save time, money and effort. All the major phone carriers – AT&T, Verizon and T-Mobile accept payments through this service.
App Development Companies have primarily designed NFC payment apps to enable people for making payments online as well as in real life; It accepts all the major credit and debit cards, makes fund transfer between friends and family easy.
Similar to tap and pay apps like Google Pay, Apple Pay is the best NFC payment app for iOS users. This allows you to load your Apple iPhone or Apple Watch with your credit or debit cards and tap and pay at retail outlets and other payment counters. Touch ID or Passcode can be used to authorize payments. An additional 6-digit code and tokenization can be enabled to protect the payment card data.
Samsung Pay, an NFC tap and pay option started by Samsung rivals both Apple and Google Pay to enable tap-to-pay apps terminal by using near-field technology. Equally compatible with magnetic strip terminals, it allows making easy payments by simple waving the Samsung device near the cash register instead of swiping the cash cards or supplying relevant payment information. This tap to pay app platform works well with all the Samsung devices – Galaxy S9, Galaxy S9+, Galaxy S8, Galaxy S8+, Galaxy S7, Galaxy S7 Edge, Note 5, Galaxy S6 edge+, Galaxy A7(2017), Galaxy A5(2017), Galaxy A5(2016), Galaxy A7(2016), & Galaxy A9 Pro, with more models to follow, all compatible smartphones and tablets with Gear S3 smartwatch (region specific). It makes use of biometric authentication, tokenization, secured PIN, fingerprint, KNOX service to monitors suspicious activity and process contactless payments.
PayPal makes worldwide online payments as easy as national payments. With its clear terms and conditions, sending and receiving online international payments becomes convenient. Both the sender and receiver need to have PayPal accounts in case they wish to transact among themselves. Installing the application on the mobile phone has made it even easier to do so. You must be a credible user and it is not necessary to have a balance in your account to transfer funds.
After acquiring Lemon Wallet earlier, Lifelock is an identity theft protection service, which launched its own digital platform called Lifelock Wallet. It allows saving debit, credit, insurance and other such loyalty card details and allows device protection at the same time. An Identity restoration specialist will come to your rescue in rare case of identity theft.
Square works in the same way as the lemon wallet and works on both iOS and Android Platforms. Capable for being linked with Credit Cards and being location-based, Square Wallet Application works amazingly fast; the store with which you try to make the payment gets to know that you have initiated a transaction with your linked square account.
A hands-free checkout option that comes along with the application allows you to mark your selected merchant as a favorite one. Using Square App makes you eligible for discounts from the stores on your next visit.
This application works in the same way as Zelle, Samsung Pay, Apple Pay or Google pay and has been a convenient option for peer to peer payments. Working as a combination of PayPal and Google Pay, allowing users to shop online, send funds to friends and family across and share or split payments. It even features social media features wherein personalized notes can be sent along-with payments and transactions can go with emoji’s and simple texts.
Visa payWave is a contactless payment app that has an integrated computer chip to send and receive payments. It works on magnetic tape technology which gets processed by the same reliable payment network.
This P2P payment app is included with MasterCard feature. It allows users to pay for purchases at merchants who have PayPass terminal. With user card and smartphone, every electronic encryption is unique for every payment. Data remains secure against any theft or loss.
These are the chosen few NFC Payment Apps being used by people worldwide for their day to day payments. As the demand increases, more and more customers have started realizing the need to make NFC based payments.
Security has seen new improvements with implementation of biometrics in smartphones. Keeping things innovative Samsung recently introduced iris scanner into their new Galaxy Node 8. Apple introduced biometrics with their 3D face scanning technology. LG introduced voice security to their newest device.
Mobile payments are on the cusp of widespread adoption but a major percentage of US consumers have responded to this technology change with a noncommittal shrug. Few points that must be considered and expected out of mobile payments in 2019 are:
Image Source: emarketer.com
Other upcoming trends to consider in 2019
If you are an organization who is looking forward to NFC Payment apps development, consider us as we are leading App Development Company India having extensive experience in developing all sorts of mobile applications for worldwide clients.
Neeti got her master's degree in software engineering in 2009 and has been working since for software companies of all sizes as a technical writer. What started as a high school passion has now been converted into a serious profession. She has a special knack of learning from all verticals and imbibing the extracts into her writing. She enjoys learning technical aspects of writing from her tasks where her experience and understanding are most impactful.