The Transformative Roles of NFC Technology and NFC Forum in the Rapidly Evolving Payments Stack

This paper explores the role that Near Field Communication (NFC) has played in the evolution of payments technology. It differentiates between the broader utilization of NFC technology and NFC Forum’s specifications and protocols, exploring their respective enabling contributions to the evolving payments ‘stack’ - the framework within which software, systems and tools interact with each other to enable payment processes.

Demonstrating the scale and diversity of the current payments ecosystem, this paper charts the rise of a variety of payment options, from contactless to open banking and digital currencies, highlighting the contributions that NFC technology and NFC Forum make today.

Finally, as the payment stack continues to evolve, becoming intertwined with ecosystems including digital identity, access control and transit, this paper looks to the future, highlighting the importance of standardization, certification and collaboration. It invites engagement in NFC Forum from stakeholders seeking to maximize the benefits of NFC-enabled payments through interoperability and technology harmonization.