To build the card-to-phone transactions, we use a wireless technology called NFC (Near Field Communication) which is a short range wireless technology that enables data transfer between two NFC devices.
These devices are usually cards and phones that are able to process contactless payments and payment terminals that receive contactless transactions.
Android phones have placed the NFC chip in a position that allows their smartphones to not only make transactions but also receive them. Revolutionizing the way payments can be taken! However, Apple devices have their NFC blocked inside their phones, which only enables their devices to make payments.
The POS industry (Point of sale) is radically changing, and contactless transactions increasing at each second, which leads us at Vibrant to believe that in the near future, smartphones will adapt to market needs and constantly improve their NFC potential.
Since COVID-19 there has been an increase of 40% on payments made contactless, which is a 20% higher growth rate compared to previous years! Countries such as Ireland & Germany even had a decrease of 56% on cash witrhawns, which shows that the future is not just cashless but contactless as well.