Industry Insights: Near-Field Communication & Mobile Payments 101: Why It’s Important for Business

By Card Not Present Working Group • ETA Mobile Payments Committee
Lauren Copland, Apple • Christopher Engelhardt, Discover • Lacey Frenzl, DishOut • Lauren Gruwell, Apple • Christine Lopez, FIS • Jim Poulsen, AnywhereCommerce • Augusto Ruiz-Eldredge, EquiPay • Zach Spellman, The Strawhecker Group • Jillaine Taghvaee, USAG

NFC PAYMENTS ARE EASIER THAN YOU THINK
Big picture: Over the course of 2020, use of in-store mobile payments using NFC-capable devices increased by 29%. A contributing factor is the rise of partnerships and connections that allow consumers to easily link their bank account and card information to a mobile wallet, making payments seamless.

Our thought bubble: The need for contactless payments was accelerated by the COVID-19 pandemic and will continue to grow at an increasing pace as consumer demand continues to rise.

Go deeper: To understand how NFC works in payments, download “Near-Field Communication & Mobile Payments 101,” created by the Card Not Present Working Group of ETA’s Mobile Payments Committee.