One of my colleagues and friend talked a couple of weeks ago about Wells Fargo implementing a payment system with Visa that uses some technology called NFC or Near Field Communication. After some research I found that, NFC is not a new technology and 3 US banks are working with Visa since 2007 on implementing this for payment services using mobile phone. We all know that paying through mobile phone is not something new either, in Finland (home of Nokia) almost 80% of consumer payment transaction happens using mobile phone.
What is NFC and how does it work?
NFC is a short-range, standards-based wireless connectivity based on RFID technology that uses magnetic field induction to enable communication between electronic devices in close proximity. It provides a seamless medium for the identification protocols that validate secure data transfer. This enables users to perform
intuitive, safe, contactless transactions, access digital content and connect electronic devices simply by touching or bringing devices into close proximity. NFC operates in the standard unlicensed 13.56MHz frequency band over a distance of up to around 20 centimetres.
What are the potential uses for NFC?
What is NFC and how does it work?
NFC is a short-range, standards-based wireless connectivity based on RFID technology that uses magnetic field induction to enable communication between electronic devices in close proximity. It provides a seamless medium for the identification protocols that validate secure data transfer. This enables users to perform
intuitive, safe, contactless transactions, access digital content and connect electronic devices simply by touching or bringing devices into close proximity. NFC operates in the standard unlicensed 13.56MHz frequency band over a distance of up to around 20 centimetres.
What are the potential uses for NFC?
- Smart poster - think of a poster promoting a product or services or an event or a show, you take your NFC device(such as your cell phone embedded with a NFC chip) close to the poster (also embedded with the the NFC tag) and you immediately get the url of the event to know more or book ticket.
- Products having NFC stickers will enable instant product information on cell phone when phone is taken close to the product on self. Others innovative uses are pasting NFC stickers on photos to enable seniors to make call by just touching the sticker on the photo.
- Electronic wallet - Can an NFC enabled card replace all credit, debit, store cards? Definitely....this is what banks are working with Visa on. Imagine, there is a spot on dinner table in a restaurant which has NFC sticker. You just take your cell phone or your NFC wallet close to the point and you paid your bill. This is likely to be rolled out for smaller payments such as vending machine payment.
My ideas for NFC:
- taking students attendance in a class
- tracking movement of people in restricted area
- enable establishing short range communication between devices
- traffic safety?
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