Near field communication makes use of short wave wireless communication technology that permits the sending of information between devices in a 4 inch radius. The Near Field Communication can communicate with electronic devices since it is built with both a smart card and a reader and is usually found in a mobile phone. It allows for payment using public transportation and credit card payments.
Currently, near field communication is used for mobile payment by acting as a debit or credit payment card.
The NFC acts like a contact less card. Turkey, France and China have joined technological forces to enable mobile network operators and banks to use NFC access at banks just as if the device was a Visa or MasterCard.
What is special about the NFC is that you use your mobile phone to make payments at participating retailers.
Click for the full glossary of credit card terms.
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