Contactless Payments

Contactless payment technology enables payment transactions via a contactless chip embedded in payment cards, tags, key fobs and mobile phones. The chip communicates with a reader device that uses radio frequency or Near Field Communication (NFC) standards. It includes radio frequency identification (RFID) as part of a machine-to-machine communications trend. Contactless payments are more popularly referred to as “wave and pay” or “tap and go.”