How NFC technology is transforming the way we buy
Virtual currency, known by many names across the market, is here to stay. Virtual money is now a part of our everyday lives and has the potential to completely transform how we pay for goods and services. If you’re unfamiliar with virtual money and how it works, check out our blog post on what virtual money is and why everyone should be excited about it! In this blog post, we will explore just how NFC technology is transforming the way we buy both online and in-store. The retail industry has been stuck in a cash-driven cycle for decades. With the rise of digital wallets like Apple Pay or Android Pay, PayPal payments, credit cards, checkouts with mobile apps and loyalty programs from retailers like Walmart or Target REDcard, brick-and-mortar retail stores have become more convenient than ever before. But as convenient as it may seem for consumers to pay with cash whenever they want at any given time of day at any given location, that hasn’t changed much for retail businesses yet. That may soon change in a big way though.
What Is NFC Technology?
Near-field communication (NFC) is a wireless communications protocol used for exchanging data between two NFC devices. NFC is also used for securely transferring other information, like cardholder information, between a portable payment device and a compatible NFC tag. NFC technology was originally developed for secure communications between NFC tags and NFC tags only. However, the technology is now being used in a variety of other applications. The technology is supported by both Android and iOS devices and can be used with a wide range of banking and retail apps that support NFC payments. NFC is now used in a variety of different ways, including
– Connecting smartphones with payment apps like Android Pay and Apple Pay.
– Transferring contact information between devices like a NFC tag to be used as a key fob or transferring contact information between a smartphone and a doorbell.
– Using NFC tags to track items or make inventory management easier.
If you are interested in NFC technology you can read more about it here.
Why Is NFC Technology so Important for Retail Businesses?
For decades, many retailers have been excited about the potential for in-store mobile payments. With the success of Apple Pay, many forward-thinking retailers like Walmart, McDonald’s, and Subway are already making their stores NFC-enabled. With NFC, consumers are able to easily pay for items, such as food and beverages, products in store with their NFC-enabled smartphones. NFC also makes it easy for retailers to provide digital receipts and offers more accurate inventory management. For example, inventory can be tracked through the use of NFC tags, which are either embedded in the product itself or placed on shelves to track items. With inventory control, retailers are able to better manage their store inventory, like knowing exactly how many of an item is left in the store and which specific item is out of stock.