Mobile Payment is a point of sale (PoS) payment method which is done through smart phones. The mobile payment facility has reduced the requirement of carrying cash in hand. Mobile payment is not only convenient but safe also.
It requires a technology called Near Field Communication (NFC), which is an extension of Radio frequency identification (RFID) technology that combines the interface of a smart card and a reader into a single device. This allows two-way communications between endpoints, where earlier systems were one-way. For two devices to communicate using NFC one device must have an NFC reader/writer and one must have an NFC tag.
Benefits of Mobile Payment using NFC:
· Quick and easy payment method.
· Transactions are made only within close proximity, which makes the system a safer method of payment.