About the Payment SIG
NFC gives the banking and payment sectors an exciting new way to improve the customer’s experience at checkout and increase retailer loyalty.
NFC-enabled mobile devices make a broad array of mobile electronic wallet applications possible, including credit/debit card accounts, e-cash accounts, loyalty programs, coupons, vouchers and other value-added services. Consumers will have constant access to payment means through their devices.
NFC payment sector opportunities benefit a variety of organizations beyond banking service providers, including retailers, handset providers, mobile network operators, Internet service providers and innovative startups.
Why NFC for the Payment Sector
- Shorten checkout times to increase transaction volumes
- Encourage higher per-visit sales through spur-of-the-moment purchases
- Communicate with customers and build loyalty with personalized offers
- Get detailed analytics using customer purchasing behavior insights
Why NFC for Consumers
- Faster checkout and shorter lines by paying with a mobile device
- Eliminates need for keeping physical coupons—customers can identify and redeem discounts at POS
- Secure, easy option for using e-gift cards and making payments in a wide range of locations, such as restaurants, taxis, movie theaters, gas stations, parking meters and more
The NFC Payments SIG works with key stakeholders in the payment sector to encourage usage and promote the benefits of NFC. Our constituents include companies in payment account issuance and acquisition, and those related to merchants and end customers.
Through the Payment SIG, market requirements are presented to NFC technology providers as opportunities for future development. Companies working in within the payment sector are informed in detail about current possibilities.
We also work to identify synergies among the vertical sectors of the NFC ecosystem. For example, payment’s role in retail and transport applications. Our primary goal is to ensure new solutions built on the NFC platform are future-safe and investments are protected.
The NFC Forum and our liaison partner, EMVco, are currently working together to enable alignment of specifications and related certifications.
NFC Forum members are invited to join the Payment SIG at any time. Not a member of the Forum? Contact SIG Chair Frank Tekampe for more information and to discuss ways to partner.