what is nfc payment

NFC payment stands for Near Field Communication payment, which is a contactless digital payment option that allows phones, tablets, or credit cards to communicate with NFC-enabled readers. NFC technology allows businesses to accept customer payments quickly and conveniently without requiring employees to handle cards. NFC payments occur when a mobile wallet or an enabled credit or debit card communicates with a payment terminal, sending encrypted payment information from the customer to the retailer. The card information is encrypted when sent to the payment terminal and requires authorization from the mobile device with either face ID, fingerprint, or a passcode. Once validated, the transaction information is relayed to the NFC terminal with a randomly generated one-time use code, which is sent to the merchant instead of the customer’s debit card. NFC-enabled payments are secure, fast, and convenient. NFC payments are an ideal payment-processing option for a range of businesses, including retailers, restaurants, and professional service providers. Businesses that accept NFC payments should expect to pay fees consistent with standard credit card processing charges.