How Near Field Communications will change the payment system?

Consumers will be changing the way they purchase and pay for purchases in the near future. Near Field Technology, has spun many rumors, which have now turned into a reality. Traditionally, customers are asked to swipe the credit card or pay with cash or check. Using NFC technology, the electronic wallet gives the options for leaving the purses and wallets at home. For some this may seem too good to be true, but it is now possible with NFC technology.

In the 70’s cash was king, credit cards did not become popular until the late 1980’s. By the 1990’s, most families had a debit card. The potential to be able to pay for purchases right from the checking account was unbelievable. With cash comes the potential danger of a mugging or misplacing it. Credit cards can also be a risk; because of this many people leave most cards at home and usually take one. Using RFID, which is NFC radio frequency identification; it allows two devises to communicate. To most patrons, swiping a cell phone in front of a register reader sounds space-age; but it is happening in many stores across the country. The smart phone can pay for the purchase instantly, and this means no fumbling around for cards or cash.

NFC technology is not something new'; it has been moving toward for years. The NFC technology over the past two years has caught consumer’s attention, because it is convenient. Still many do not have the technology on their smart phones, or simply do not want it. Fear of security issues has been a tremendous hold up in the process from moving forward, slowly but surely it is moving forward.

People get set in their ways and do not like change. Many people question the need to pay a premium from a telephone. There are many benefits to using a phone for payments, but some will only see the negative aspects, which are security issues. Technology both old and new will always have the possibility for risks. The use of NFC technology will save us time and money. For instance, gone are the days of people running home to check a bank balance on the internet. It is easy to hook up a computer, tablet or cell phone to a WIFI hotspot. The design of the modern convenience in paying from a phone, is giving people a whole new meaning for taking care of business. Though some are refusing to adapt to such applications, the passage to be able to pay for purchases from a cell phone, should be exciting.

Convenience is the main driving factor behind the new NFC technology. While some see convenience, others see safety issues. Sensitive information stored in the cell phone, falling into the wrong hands could be detrimental. With new technology will be additional security software and using pins for identification? Consumers will need to make sure they have protection and receive the latest in malware antivirus software.

While we are just on the cusp of the Near Field Communications era, the future looks bright. To the next generation this will look as something that has always been.

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