Industry Insights: Near-Field Communication & Mobile Payments 101: Why It’s Important for Business
9-16-2021
By Card Not Present Working Group • ETA Mobile Payments Committee
Lauren Copland, Apple • Christopher Engelhardt, Discover • Lacey Frenzl, DishOut • Lauren Gruwell, Apple • Christine Lopez, FIS • Jim Poulsen, AnywhereCommerce • Augusto Ruiz-Eldredge, EquiPay • Zach Spellman, The Strawhecker Group • Jillaine Taghvaee, USAG
NFC PAYMENTS ARE EASIER THAN YOU THINK
Big picture: Over the course of 2020, use of in-store mobile payments using NFC-capable devices increased by 29%. A contributing factor is the rise of partnerships and connections that allow consumers to easily link their bank account and card information to a mobile wallet, making payments seamless.
Our thought bubble: The need for contactless payments was accelerated by the COVID-19 pandemic and will continue to grow at an increasing pace as consumer demand continues to rise.
Go deeper: To understand how NFC works in payments, download “Near-Field Communication & Mobile Payments 101,” created by the Card Not Present Working Group of ETA’s Mobile Payments Committee.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.