Apple Pay and Google Pay are two of the most popular mobile payment options, and they are about to get even better. A blog post from the NFC Forum lists key initiatives and changes coming to near field communications (NFC) over the next two to five years.
If these changes reach fruition, it would mean that Apple Pay and Google Pay users won’t have to put their compatible devices as close to a point of sale (POS) terminal as they do today.
Currently, someone using Apple Pay or Google Pay must have their device, whether their iPhone, Android phone, or compatible smartwatch, within 5mm or .2 inches of the POS terminal.
Improvements to NFC standards could make it easier to use Apple Pay and Google Pay.
In addition to these improvements, XTM, a Miami and Toronto-based fintech company, has rolled out Apple Pay and Google Pay to its U.S. Today program users.
Apple Pay and Google Pay allow all Today Card holders to use their Apple or Android devices to make payments at the point of sale (POS).
At checkout, the merchant prompts the customer to hold their enabled device near the merchant’s payment terminal or reader, and the payment will be securely completed using NFC technology. Apple Pay is already accepted at more than 90 percent of US retailers.
Mobile wallet providers, including Apple Pay and Google Pay, use advanced encryption and tokenization techniques to protect your sensitive card information from hackers and fraudsters.
They also use biometric authentication, such as Touch ID or Face ID, to ensure that only you can access your payment information. Both apps also require you to authenticate your identity before making a payment.
For retailers, restaurants, and other businesses that accept electronic payments, Apple Pay and Google Pay offer numerous advantages. By incorporating these payment solutions into their checkout processes, merchants can make life easier while also increasing security, augmenting sales initiatives, reducing operating costs, improving customer experiences, and driving up conversion rates. Apple Pay and Google Pay can speed up the checkout process for customers, making the checkout flow seamless and painless.
In conclusion, Apple Pay and Google Pay are continuously improving to provide better user experience, security, and tech advancements. With the upcoming improvements to NFC standards, it will be easier to use Apple Pay and Google Pay.
Additionally, XTM has rolled out Apple Pay and Google Pay to its U.S. Today program users, making it more convenient and secure for them to make payments at the point of sale. Finally, retailers, restaurants, and other businesses that accept electronic payments can benefit from incorporating Apple Pay and Google Pay into their checkout processes.