The distinction between technologies like EMV® chip-based contactless payment cards and NFC payments has become blurred.
What is NFC
Near-field communication (NFC) is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm (2 in) of each other.
NFC devices are used in contactless payment systems, similar to those used in credit cards and electronic ticket smartcards and allow mobile payment to replace/supplement these systems.
What is EMV Contact and Contactless
EMV contactless cards and NFC mobile payments share common features and represent a new wave of cross-functional payment applications that will gradually replace magnetic stripe technology, enhancing payment cards and mobile wallets.
- As secure payment specialists, Datacard Group sees huge opportunity in combining the strengths of EMV contactless payment cards and the capabilities of smart phones. We’re setting the record straight about the similarities and differences between these emerging technologies – beginning with their basic definitions.
- EMVCo is currently owned by American Express, JCB, MasterCard and Visa. EMV is a standard for secure transactions that take place between chip-based payment cards and the payment systems.
- Electronic chips are being integrated into all major payment card brands to enable secure transactions at POS terminals and ATMs.
- EMV is a well-defined set of specifications that covers several methods for authentication, risk management and transaction authorization. EMV contact transactions take place physically by inserting an EMV contact payment card into an EMV reader.
- EMV contactless transactions take place by presenting an EMV contactless card in front of an EMV reader at a short range (less than 4 cm) to enable radio frequency communication.(Source: Read more)