Glossary
Contactless Payments
Contactless payments are a modern, secure, and efficient method for conducting transactions using Near Field Communication (NFC) technology. This technology enables the completion of purchases by simply waving or tapping an NFC-enabled device—such as an EMV chip card, smartphone, or wearable—near a contactless-enabled payment terminal. The interaction between the device and the terminal occurs without physical contact, streamlining the payment process.
Key Characteristics of Contactless Payments:
Advantages of Contactless Payments:
Application in Commerce:
Overall, contactless payments represent a significant advancement in payment technology, offering an optimal blend of speed, convenience, and security. As digital payment systems evolve, contactless technology continues to play a pivotal role in shaping the future of commerce, aligning with global trends towards greater digitalization and enhanced consumer convenience.