NFC Is a Bigger Tech Opportunity for Merchants than EMV

From Payments Source -

“EMV is far from being a new technology. In fact, European countries have been using EMV chip-enabled credit cards and processing terminals for nearly 30 years.

Despite all the noise around the recent liability shift deadline for merchants to become EMV compliant, this payment technology could soon become a thing of the past, especially as it faces consumers’ increasing adoption of new payment technologies such as Near Field Communication (NFC)-enabled devices and mobile payments.”

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Is this really the future of payments?

Kerv has unveiled what they claim is the world's first contactless payments ring on Kickstarter, the online crowdfunding platform. Former Ukash CEO, David Hunter, is Chairman of its board of directors.

How London's transport crunch forged a contactless revolution

From The Telegraph –

“Apple Pay is only the latest in a series of payment innovations that TfL has helped foster as it crams more people onto the Underground.

In the late 1950s, Transport for London began to look for a technology that would allow it to check passengers’ tickets on the Underground without putting inspectors at every barrier. Manual inspection was time-consuming and labour-intensive, leading to bottlenecks at the gates during busy periods and forcing TfL to employ an inspector at every gate.

So in 1961, almost a decade before American Express introduced the world’s first magnetic stripe credit card, TfL began experimenting with the idea. In the ensuing years, automatic gates entered service, and by the mid-1980s they were almost ubiquitous.

Five decades after the first magnetic stripe tickets entered service, Apple Pay, a new payment service allowing iPhone and Apple Watch users to pay using near-field-communication technology, reached the UK.”

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