Near-Field Communication Technology and Readers They’re highly secure, although not invulnerable to compromise, and can store retailer-specific loyalty program details in addition to payment card information. Mobile tap-to-pay systems use short-range radio waves to communicate with compatible payment processing hardware. If you own a smartphone, why not try one out and trade in that routine swipe for a gentle tap or wave? How Mobile Tap-to-Pay Systems Work
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Popular mobile payment systems available in the United States include Apple Pay, Google Pay (formerly Android Pay), and Samsung Pay. Drawbacks include incompatibility with older phones and uneven adoption by merchants and card issuers. Mobile contactless payment systems offer notable benefits, such as multilayered security protections and the convenience of carrying fewer plastic cards. Merchants that accept contactless payments online and in-store usually display a generic contactless payment logo - which looks like a Wi-Fi signal symbol - in store windows, at physical payment terminals, or on online checkout pages. The experience is similar to Amazon’s one-click checkout system using a stored credit card. Older contactless payment systems, which remain in limited use, store payment information on key fobs or special cards that can communicate with these readers - although adoption of phone-based systems is rapidly rendering these arrangements obsolete.Ĭontactless tap-to-pay systems also facilitate online payments from mobile and desktop devices.
Mobile payment systems securely store credit and debit card information, allowing smartphone-wielding consumers to securely pay for in-store purchases with those cards simply by waving or tapping their phones in front of special radio frequency readers. In fact, payment card technology is changing in a big way thanks to mobile payment systems - also known as contactless or mobile tap-to-pay systems.
And that figure doesn’t account for bank-issued debit cards and prepaid debit cards, which leverage the same payment networks - such as Visa and Mastercard - as many credit cards.Īlthough the CFPB report indicates that overall credit card usage is on the decline and that committed card users are becoming more judicious, credit and debit cards aren’t going anywhere in the near future. According to a 2019 report by the Consumer Financial Protection Bureau (CFPB), about 66% of American adults have at least one credit card.
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