EMV & NFC go hand in hand
by: Brandon Kuehl
Moving toward increased usage of contactless and mobile payments is an important benefit of EMV chip card implementation. To that end, EMV and near field communication (NFC) can be viewed as complementary technologies that together deliver more secure payments with value-added functionality.
In the process of upgrading to EMV chip card standards, many merchants will also opt to invest in terminals that house contactless readers, simultaneously becoming NFC-payment ready.
This changing technological landscape will set the groundwork for widespread NFC mobile payment accessibility in the U.S. Therefore, it’s important for financial institutions to consider including each of EMV’s capabilities — contact, contactless and NFC mobile payments — as they create their payments evolution plans.
A recent paymentsource.com article highlights three main reasons EMV contactless and NFC go together in a well-planned payments strategy.
- Contactless has been well-received in other markets — Canada provides a good example of consumers adapting quickly to contactless when introduced simultaneously with EMV. Currently, 75 percent of Canada’s merchants accept contactless.