NFC Payments In India
Near Field Communication (NFC) is short range wireless technology which allows exchange of digital content, to make secure payments transaction and connect electronic devices with a touch. This technology requires close proximity about 4 cm or less to work properly. This technology is too short ranged and thus it is more secured and fatser. The connectivity speed of NFC technology is around 1/10 of a second, by which it surpass Bluetooth.
Google Pay's Tap to Pay option -
In 2020 Google Pay released a Tap and Pay feature for some selected bank's credit and debit cards. This feature after one time registration to google pay allows user to pay across any POS or contact less NFC enabled devices. Google pay tokenize your card for NFC enabled terminals, for scanning QR code payments and for mobile recharges and merchant payment on Google Pay.
Paytm Smart POS & Tap to Pay Card-Paytm is India's most famous payment options since last five years. Although at start it supports only wallet payments but now paytm is updating it's service at every stage. Now Paytm Business App has started a new payment option for their merchants. This feature is called Paytm Smart POS. In this tool merchants can turn their NFC supported smartphone to a POS Machine. Now they can accept card payments ( Mastercard, Visa & Rupay ) via their phone by tapping the customer's card at the back of their( merchant's) phone.
Paytm Tap to Pay Card is for customers and retailers. The company gives a NFC supported contact-less card where user just have to tap at merchant terminals for transaction.
Samsung Pay-
Well Samsung Pay too supports NFC payments but it is not in great reach to Indian users. Samsung pay feature is too different from other NFC payments like Android Pay and Apple Pay. You need to add your card details in app and after that you can pay via NFC if supported at store or also you can pay via MST ( Magnetic Strip Transmission ). Generally Indian markets have MST enabled card swipe machines or payment terminals. Samsung pay allows you to pay via MST also where just like swiping card you can pay from your phone, while touching your card at the back of your NFC supported mobile phone.
There are many apps that supports NFC payments in India but Indian market does not support NFC payments. Also NFC tool is only available to some premium smartphones of companies. This limits the use of technology in India.
The references used in blog are Samsung, Paytm and Google Pay websites.
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