What is NFC, Mobile Wallets and Mobile Phone Payments - How it works & need to know things about NFC

#nfc #whatisnfc #nfcpayments
What is an NFC? It stands for Near Field Communication and it’s the process of transferring data from 1 device to another. We’ll look at NFC payments in this video on how NFC works.
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[from the script]
So first off, what is NFC?
It stands for “Near Field Communication”and very simply, it facilitates the transfer of data (or information) from one NFC-equipped device to another.
You can transfer payment data as well as general information such as contact details or pictures and videos.
NFC is a communication technology similar to a radio frequency or bluetooth, except it’s designed exclusively to work ONLY within a specific limited range…. And in practice it’s often about a 4 inch range or less!
The vast majority of NFC use, involves a mobile phone, and since we’re talking about payment data in this video, we’ll apply this to the transfer of a credit card payment that is stored on the mobile phone inside of a mobile wallet, to the credit card terminal or point of sale device.

[@Bancardsales]

Do you accept NFC and mobile wallets at your business? Let me know in the comments if your customers ask you about using mobile wallets. -Brian

[@KevinLee-qp4pk]

The best simple explanation out of all the videos I've seen about this subject.

[@Bancardsales]

Thanks Kevin! Glad to hear that and thanks for watching !

[@megha6691]

thank u for very simple explanation

[@jayashreesaravanan392]

Informative

[@SteelerY360Nation]

I downloaded the Google Pay/Wallet app on my Samsung Galaxy A11 phone, & found out that it does not have NFC 😡😭At least I got to learn about the Technology, and its history by watching your video! Thank You!!

[@mrflimpam5948]

"About 160 EUR" - gsmarena, cheap ahh phone

[@289cobra9]

Motorola One 5G Ace with NFC and Google Wallet. Next time learn about a phone before buying it.

[@JerDog1984]

Great info. Thank you sir!

[@Bancardsales]

Glad it was helpful! Thanks for watching!

[@sonammaheswari3367]

Good nyc

[@paulwanjau4347]

thanks very insightful

[@Bancardsales]

Thanks for watching! -Brian

[@LonelyBadshah]

Very useful and knowledgeable video 📷📸

[@Bancardsales]

Thank you and thanks for watching!

[@worldhackgaming]

Knowledgeable

[@Bancardsales]

Thank you and thanks for watching!

[@ScreenRafa]

The info is very useful thankful

[@Bancardsales]

Glad it was helpful!

[@mastanchinna1083]

Great info thanks

[@Bancardsales]

Glad it was helpful!

[@AarushiJain-ej2bk]

Nice one

[@Bancardsales]

Thanks 🔥

[@RaiHimanshu-pt4df]

Good information

[@Bancardsales]

Thank you and thanks for watching!

[@thephilosopher5799]

Yeah most that do this use Apple/Samsung/Google Pay. I always pay with Apple Pay nowadays when I go somewhere, as a minor who doesn’t use a credit card or wants to directly use their debit card.

[@language-n-learning]

That was very informative! Thanks. 🙏 BTW, what software did you use to make it?

[@Bancardsales]

Thanks Jeff!. Lmk if there's any payment questions I can answer for you. My videos are produced with Adobe suite of products (premiere/after effects)

[@language-n-learning]

@@Bancardsales Thanks for the info. If I think of something, I'll send you a question. :)

[@sathwik768]

Thanks for the explaination

[@Bancardsales]

Thank you and thanks for watching!

[@suleimansuleimans]

PLEASE WHA ABOUT IF MY CELLPHONE DON'T HAVE THE NFC INSTALL NEITHER MOBILE WALLET

[@siddhantdahivalkar67]

Nice 👍

[@Bancardsales]

Thank you and thanks for watching!

[@deepanshigarg8362]

good content 🎉

[@Bancardsales]

Thank you and thanks for watching ! 😃

[@MH-gi7ze]

Are you bullish on Clover Finance? Thanks.

[@saktisamantaray4338]

Nice

[@Bancardsales]

Thank you and thanks for watching!

[@ajitvikrambhargava8824]

Can you make a video on how digital wallets work??like the whole process internally, which systems are involved and all.

[@Bancardsales]

Thanks for the suggestion. I'll add it to the list. Stay tuned! :) 👍

[@ajitvikrambhargava8824]

Sure, looking forward to it.

[@chagoriver7159]

if a business already has terminals that accept payments with a regular contactless credit card, are they automatically gpay ready? or do they need a new spcefic terminal to process these type of transactions?

[@Bancardsales]

Yea the terminal and the software in it needs to be contactless and mobile wallet enabled.

[@korruptcontent954]

Is it safe to leave on all the time?

[@289cobra9]

Use my Google Wallet all the time.

[@YenYen-gu3ky]

is this available in philippine?

[@CheyenneMostly-tp5lx]

It’s OK

[@YenYen-gu3ky]

available in philippines?

[@nainstefan]

bro explaine for both costumer and seller in under 10 minutes

[@CheyenneMostly-tp5lx]

It’s OK very OK oh it’s very OK it’s OK it’s very OK

[@user-bn2wy7bh1b]

What happens when the phone is lost?

[@289cobra9]

Do you lock your phone?

[@kevinhatchett2021]

So if someone steals your phone all they have to do is wave your phone and buy, buy, buy, bye money..

[@Kameron-The-Crafter]

Nope

[@loogoos4894]

NFC payment methods on phones require biometric authentication to authorize the payment through the NFC chip.

[@joelbigc3540]

@@loogoos4894 what about debit/credit cards? Still not safe. In India, the Reserve bank made a policy of setting one-time passwords (OTPs) to customers' phones when the payment is initiated. This is much safer I feel.

[@loogoos4894]

@@joelbigc3540 most NFC on physical cards are efficient by means of how fast the transaction occurs. The same process for a phone card is used on physical cards for NFC transactions. It is technically less secure since the CCN and CCV are on card. Usually though most banks issue cards that have cards which have the CCV and CCN on the back of the card.

[@markusTegelane]

Every such solution requires you to unlock the device before making any payment ;) (tho some small payments are possible with a locked screen depending on security settings and region) Also, disable NFC any time you complete a transaction.

[@babushkaboi420]

Can you be more technical?

[@S-Lomar]

Well done 🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰

[@Bancardsales]

Thanks for warching!