In today’s fast-paced world, consumers don’t want to slow down to pay for purchases. Fortunately, they don’t have to, thanks to contactless commerce systems based on near-field communications (NFC) technology.
NFC is a high-frequency wireless technology that enables nearly instantaneous mobile payments at short-range distances using contactless cards, mobile phones and RFID systems. There are a range of applications for contactless payments, including retail point of sale (POS), public transportation ticketing, ATM machines and interactive advertising.
Benefits for All
For consumers, the transactions are quick and easy – 53 percent faster than magnetic swipe credit cards, and 63 percent faster than cash transactions, according to studies by American Express. For merchants, contactless payments tend to result in slightly higher spending, because consumers are not limited by the available cash on hand.
FEIG Electronics offers state-of-the-art RFID contactless payment readers for a range of authentication and payment applications, such as ATMs, parking ticket machines and retail POS. FEIG’s OBID RFID readers support all the major contactless credit cards, as well as debit cards and NFC applications, offering AES256 encryption to protect sensitive data.
The OBID myAXXESS® flatOne from FEIG is the first EMV Level 1 certified reader that is flush mountable in metal vending machines, kiosks, charging stations and ATMs, and offers excellent protection against environmental conditions and vandalism. Automatic power management ensures extremely low power consumption for solar- and battery-powered machines and terminals.
As more industries become aware of the fast and secure transaction benefits enabled by contactless commerce technology, new business models are cropping up all the time.
The benefits of RFID and contactless systems are being welcomed in health care, ticketing, quality assurance… even your local library. How can you apply this technology in your industry?
Please follow the link below to the Whitepaper on Technical Considerations for Contactless EMV for further information: