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How Near Field Communication could drastically change In-Store Payment Processes

NFC is the acronym for near field communication.
You should try to get used to this abbreviation
because you are about to hear it everywhere.

Near field communication is an important innovation
in communication technology because it allows
multiple devices to communicate with one
another just by being in close proximity.

Although the possibilities this could have for business is not immediately obvious,
the impact is potentially huge and could change everything from the experience of the
consumer to the way that shops, restaurants and other outlets are managed.

Where to find near field communication

Near field communication is currently enabled on a range of smart phones,
with many others about to follow suit.
This means that smart phones can communicate with devices in order
to share information, and can do so just by being in close range and
tapping the device it wishes to communicate with.

Smart phones can be set up to contain all of your payment information so that you can use it to
communicate your card details with a payment device to secure you transaction and make your purchase.
This means that transactions can be done far more speedily. You could even store multiple card details and
payment information in your phone so that you can select your payment method much in the same way as
you might when you choose a card or cash from your wallet.

Making payment processes more efficient

The speed of processing payments in this way could negate the need for cash registers as well as the
staff that is required to operate tills. This means that the staff that would have been used for these roles
can be cascaded out onto the shop floor to enhance customer service at no extra cost to the business.
The consumer and the business win!

Incorporating social networking into your strategy

Social networking can be incorporated into near field communication too.
We already know about the value of social networking and how powerful it can be for promoting
businesses so there is no reason why NFC cannot be used to encourage social networking as well.
Thinking through the possibilities could mean consumers receiving prompts as they enter shops and
restaurants to update their social networking sites and register their location or tweet about where they are.
Discounts and incentives could be offered in turn for the promotion.

What we can expect from different industries

The impact of NFC is substantial and means that most processes can be sped up and made more efficient from the consumers’ point of view. The impact on the business is that it could improve services and increase revenue. Businesses could choose to redirect their resources toward other efforts that are aimed at service improvement. The key with near field communication is to consider how it can best be used. Many businesses will look at manipulating the technology to get the most out of it and unless other competitors do the same, it is likely they will be left behind.

There will always be room for cash and card payments because certain sections of the demographic
will have preferences for certain payment methods, but NFC is about providing options to the consumer.

 

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