NFC, short for Near Field Communication, is an innovation that makes devices much smarter than they already are. As this technology has the ability to make two-way communication more secure, it has unlocked the power of other technologies.
Today, mobile phones, tablets, and other such gadgets are integrated with NFC technology by default to connect the masses with a world of convenience, enhanced experiences, and improved security.
With numerous applications being introduced with each passing day, it has become more important than ever to be aware of the technologies that have been enabled by NFC technology.
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Defining NFC Technology
Near Field Communication has enabled two compatible devices to share information simply through a tap. Although it sounds like a new and groundbreaking innovation, it is more evolutionary than revolutionary. Similar to Wi-Fi, Bluetooth, and particularly RFID, NFC technology is also a form of wireless communication.
What makes it stand out more than its counterpart, however, is its ability to offer enhanced security as NFC usage requires significantly closer proximity. As information can only be exchanged through a tap between two devices, it decreases the odds of accidental data sharing.
Being a touch-based technology, NFC is gaining prominence in the digital space, particularly in the payment and identity verification market.
- An In-depth account of How it Works
NFC operates similar to how other wireless technologies work – through an exchange of information via electronic radio waves. NFC technology is just another means of wireless data exchange. According to this, devices must be brought close together to enable them to communicate properly.
This technology has been built on the core principles of RFID (Radio-frequency identification), which uses electromagnetic induction to transmit data.
To ascertain what kind of data would be transferred between two compatible devices, the NFC technology is most commonly used in smartphones to enable peer-to-peer mode. This mode works by two devices being active while sending information and being passive when receiving the data.
Is There A Demand For NFC Technology?
In today’s digital-first world, more and more individuals are abandoning credit cards as a preferred way of paying, and are opting for smartphone-enabled payments instead. Considering this trend, it is of no surprise that the NFC technology market is projected to reach a value of USD 34.9 billion by 2025, up from USD 18 billion in 2020.
The demand for this NFC has come about as a result of increasing mobile commerce, the adoption of wearables such as fitness trackers, and a greater concern for customer data privacy.
With the simple task of holding a mobile device next to a payment counter at a retail store, customers can make their payments by verifying themselves using a code, fingerprint, or a facial scan.
On the other hand, it is now being increasingly used for verifying the identity of individuals, allowing businesses to become more secure.
NFC Verification Services
Due to the ever-evolving nature of most technologies today, criminals have been using this to their advantage and are utilizing sophisticated strategies to fool security systems. NFC identification solution is one solution that can be used to detect fraudsters attempting to bypass identity verification checks.
NFC identification is particularly important for mitigating synthetic identity fraud, in which imposters combine original information with fake identity details to form ID documents that seem legitimate. This sort of fraud is highly difficult to detect. However, NFC identification solutions verify ID documents not through the information seen by the naked eye, but by the information embedded in a microchip.
To add an even further layer of security, NFC technology can be used along with biometric verification to deliver an all-in-one solution for identity verification. This method is particularly gaining ground in the financial services industry, as banks, insurance firms, brokerage companies, and fintechs are in dire need of safeguarding customer data.
Key Takeaways
- Due to its feature of providing enhanced data security, the demand for NFC technology is increasing
- It enables two compatible devices to share information simply through a tap
- NFC has been built on the basic principles of RFID technology
- NFC identification services are being increasingly used to combat frauds such as identity theft
