NFC Based Payments Can Be Possible On Budget Handsets - Information portal

NFC Based Payments Can Be Possible On Budget Handsets

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28.08.2013 Количество просмотров 727 views
NFC paymentiKaaz Software, a company dedicated at exploring and simplifying across-the-counter payment solutions has made it possible to use budget or low-end phones as NFC based payment engines.

Near Field Communications or more commonly known as NFC based methods for executing multiple types of tasks has been widely publicized. Most popular application of NFC was supposed to be instant payment of bills at counters. However, such payment methods haven’t gone mainstream as yet. Even known by a more market-worthy title, ‘Mobile Wallets’ haven’t found many takers in the seller as well as buyer community. Soma Sundaram, founder and CEO of iKaaz Software explained the reason,

“One reason why mobile wallets haven’t taken off is the very few number of NFC-enabled phones. Only very high-end expensive phones are NFC-enabled”.

In other words, merchants and people have shown interest in the platform as well as the concept of paying with just a tap of their device. However, mobile manufacturers have chosen to impart the power of NFC only to a select few high-end premium handsets. This forces majority of users to use hard-cash continued Soma,

“Also, about 80% of transactions are in cash. Even in the card segment, there are just 700 Thousand EDC (Electronic Data Capture, or Card-Swiping ) machines among some 150 thousand merchants in the country”.

iKaaz has proposed a rather simple solution to unleash the true potential of NFC, by empowering the low-end phones. Customers who wish to start paying by their phone need to buy a simple tag costing less Rs. 100 (< US$ 2). The retailer on the other hand will have to procure the relevant reader costing about Rs. 2000 (US$ 30). This reader is plugged directly into the merchant’s phone and is controlled by an app. When a payment has to be made, the tag is simply to be bumped against the reader.


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