We live in a world where new technologies are constantly introduced and our knee jerk reaction is to initially resist. Why is that? We become creatures of habit and the introduction of a new technology can disrupt our habits, even if the technology enhances our current state. Breaking a habit is tough and with the multitude of apps and products promising life-enhancing qualities, the question then becomes, is this new adoption even worth the trouble? While some life-enhancing products will actually provide the needed qualities, a reciprocal effect can also occur — depending on the user — to where this new technology can actually hinder one’s life. This effect is a lot of times what leads to that gut instinct to resist, but, what happens when a new technology actually becomes the new standard?
Get Ready to See More of This:
Face it everyone, our acceleration into the future is prevalent. While Elon Musk is introducing plans to provide free power to everyone and Kickstarter campaigns are funding Hoverboard technology, that once distant predicted future is looking to now be more of a tomorrow thing. Quickly changing times call for the need to quickly adapt to stay relevant and while the adoption is still slowly rolling out, payments via our wireless devices will soon be the standard, just as the plastic credit card has become for over a half of a century.
This is the Year that Everything Changes:
“I never think of the future, it comes soon enough” – Albert Einstein
A major shift is currently underway within the payment industry and this is not just with the ability to accept mobile payments. As of October of this year, the mandatory transition to EMV will be in effect. To quickly explain EMV: all new credit cards issued now have a built-in computer chip that now stores your payment information. Current plastic credit cards store your information on the card’s magnetic stripe, this magnetic stripe is neither secure or protected. These new EMV credit cards require a EMV capable credit card terminals that can read the card’s information. Businesses all over the world now have EMV capable terminals and included with a lot of these terminals is the ability to accept payments via NFC.
If Security is Your Main Concern:
I’ve conducted my own market research talking to both consumers and business owners about the NFC payment adoption and security is always the concern by both the business owners and the consumers. What many fail to realize is that the real security concern currently lies in your wallet, that plastic credit card you have been using for the majority of your life.
This transition over to EMV is an international change that will hopefully eliminate fraud completely. Most countries outside of the United States have already adopted EMV as their standard. A lot of merchants within these foreign countries will not even accept credit cards with the magnetic-stripe anymore. NFC payments have that same fraud elimination goal in mind.
The Facts that will Give You Peace of Mind:
NFC stands for Near-Field Communication. NFC allows the exchange of data between two devices when placed near each other. The communication is completed by both of the device’s NFC chip, chips that are now installed in smart phones and payment terminals. NFC technology is not only built for payments, smart phones are able to use NFC to pass along all types of data including pictures, videos, and contacts. Yes, the Bluetooth technology can also do these things but NFC requires significantly less power. As opposed to having to wirelessly pair devices, NFC allows for the pair to instantly happen by taping the devices together.
What You Need to Know About Apple Pay and Google Wallet:
Google Wallet offers Fraud Protection covering 100% of verified unauthorized Google Wallet transactions in the US. An advanced monitoring system also checks for fraud 24/7, which means you can shop with confidence.
If your device is either lost or stolen, both Apple Pay and Google Wallet allow you to remotely turn off the services.
Both require a personalized pin to complete the transaction, the iPhone also allows for the Touch ID fingerprint scan.
Instant notifications allow you to easily track all of your transactions meaning that you will be instantly notified and able to respond to fraudulent activity.
Any time you hand your credit card over, your card number and identity are visible. NFC payments never reveal your name, card number, or security code to the cashier adding an instant layer of security with your transaction.
Apple Pay also allows for easy in-app purchases by simply selecting Apple Pay at checkout. With the security also comes convenience.
Can Apple Pay or Google Wallet be Hacked?
Of course there is always the chance of some form of a security breach, but, it won’t be easy for those hackers. All you need to know, is that no matter what, you are 100% covered. All of the major credit card companies, banks, and corporations are backing this new technology due to the virtual elimination of fraud. With all of the new added layers of security vs. the vulnerable traditional plastic credit card, why wouldn’t you want to adopt this new form of payment?
As the coverage surrounding NFC payments begins to circulate throughout the main stream media outlets, be prepared to read the negative headlines and press surrounding the adoption. Do your own research and know the facts.