With 87 percent of adults owning and using mobile phones, it’s only natural contactless payments have been on the rise. In fact, 40 percent of consumers have made a mobile transaction within a year, with 14 percent making a mobile payment at least once a week. As mobile point-of-sale purchasing continues to rise, NFC technology must offer secure payment options. New added security for NFC payments comes with the adoption of EMV technology. EMV supports NFC payment options to create secure payment solutions for mobile POS.

What is NFC?

Near Field Communications (NFC) payment options have become widely popular with the growth of payments from mobile devices like Apple Pay. The contactless payment form and other mobile applications will use the architecture of EMV specifications to hold certain requirements and approval processing with the support of EMV contactless payments. The EMV-based infrastructure will provide more security for contactless and mobile payments by supporting the NFC technology.

What is EMV Technology?

EMV technology has been a standard form of payment acceptance in Europe, but the U.S. is finally taking hold of the credit card infrastructure in light of the growing threat of credit card fraud. EMV technology includes a microprocessor chip of encrypted data to make payment transactions more secure using a “Chip and Pin” to verify the cardholder during payments to decrease the risk for fraud.
Unlike magnetic strip transactions, where only the credit card number and expiry date are processed, the chip-based transaction contains numerous pieces of information to be exchanged in order to complete the transaction. The complex processing adds additional security support to payment applications.
“These new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to successfully counterfeit cards,” said research director, Julie Conroy.
For merchants, this means the new technology must comply by the new liability rules, or they will face costly charges should fraud occur. For customers, this means a more secure payment process.

How Do I Become EMV Complaint?

To become EMV compliant, merchants need to upgrade their existing terminals to support EMV technology. We have many options to assist merchants in becoming EMV compliant and to ensure a smooth transition to EMV technology.