The Future of Safe Credit Card Processing

December 15, 2014, by admin

The Future of Safe Credit Card ProcessingThe rapid advancement of technology over the years has no doubt made people’s lives easier…

…especially where credit card processing and payments are concerned, which allows people to make transactions and accept payments right from the comfort of their homes, and anywhere else with the help of their mobile devices.

Most people think that with so much freedom, there has to be a price. Credit card processing may or may not be completely safe, after all, this is a valid concern for many consumers as identity theft is on the rise now more than ever. Well, consumers and businesses alike will be happy to know that mobile credit card processing is indeed safe, with the arrival of NFC Processing Systems.

What is NFC Processing Systems?

NFC or Near Field Communication is a wireless communication technology with a short range and a high frequency that works by allowing data to be exchanged between devices. This processing system has touch capability, which allows for an easy sharing, pairing and transaction experience.

Consumers can make credit card payments much more easily with NFC capable smartphones or tablets, which can also be used as an ID card.

You can use your mobile device as a wallet by downloading applications such as Apple Pay, Google Wallet, or Serve by American Express etc., and shop and pay at retailers that support the system.

No Swiping Required Meaning No ID Theft

You are good to go by simply entering and loading up your credit card numbers on your mobile device, and wave it near an NFC supported terminal to pay for any purchases you make.

The chance of theft is dramatically reduced with this process, because generally, identity theft occurs straight from the retailer’s terminal where all the information of a swiped card is present.

The NFC systems technology has been further improved, and now allows some mobile devices and cards to create a special number each time a consumers uses it for transactions. This has increased safety from identity theft somewhat by making the card numbers provided to the retailer completely useless for future transactions.

Does This System Work Only With Smart-Phones?

For now, the two widely accepted mobile payment alternatives are Google Wallet and the Soft-Card, but there has been talk about major banks and credit card companies issuing NFC chip integrated cards to consumers. This will allow them to wave the card at the point of sale, instead of a phone in the next few years.

Why NFC Is A Secure Payment Based System?

The most important part to a safe and secure mobile payment transaction through NFC supported mobile devices is the secure element behind the whole process. The chip embedded in the phone contains the consumer’s credit/debit card information, which is protected by a special digital sign.

If someone got your phone or SIM card for example, the security mechanisms designed in the chip make it very hard to obtain data off the phone.

 

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