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 global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.