There are plenty of mobile payment services and solutions in the market. Luckily, systems tend to fall one of several key categories, so we’ve outlined each one to find the mobile payment technology that best suits the needs of your business.
Contactless
Contactless payments is probably one the most well-known methods of paying for goods and services, with near-field communication (NFC) or radio-frequency identification (RFID) mobile payment technology baked into a range of devices including pre-paid, debit and credit cards; wearable devices like watches and wristband, as well as smartphones and tablets. In major cities around the world, contactless mobile payment technology has become commonplace as means of paying for public transport. NFC mobile payment systems allows for an almost instantaneous transfer of encrypted data to a point-of-sale (POS) device, removing the need for chip and PIN technology which was once one of the fastest and most secure payment methods in the market.
