Is NFC Really the Future? The Mystery Solved!
We arguably live in a world that is now dependent on technology. From online payments to online education, technology is widespread in every corner of the world. One of the most trending technologies nowadays is near field communication or NFC. First emerged in 1983, the RFID-based technology is being used in many industries. However, many are still unaware of the uses of NFC technology. Just like the high speed internet which was unimaginable back in the day, we have the same situation with NFC technology. It was only a decade ago when NFC in mobiles was introduced and today more than two billion people have access to NFC-enabled smartphones.
What is NFC Technology?
NFC stands for near field communication that enables consumers to perform touchless transactions. The individual must have an NFC-enabled device and all the transactions are just one tap away. This makes NFC more compatible in the digital village we live in and has already streamlined many operations in different sectors.
Real World Scenarios that Depict the Vitality of NFC
We live in a world that has millions of use cases of NFC technology. Let’s take a look at some of them and decide whether it is the future or not?
First and foremost, NFC-based identity verification is what we are going to talk about. Fraud attempts strategically and dramatically increased in 2020. As per our Global Identity Fraud Report, there was a sharp 1.36% increase in identity fraud and the surprising point is, biometric fraud attempts increased. So, combating this issue requires a more robust identity verification mechanism that has minimal errors. Why not use NFC verification then? Chip-based ID documents and an NFC-enabled smartphone is all what the individual needs to get verified.
Business cards are the universal way of knowing a corporate entity and they are not going anywhere anytime soon. However, they have undergone some technological advancements as well and NFC-based business cards have emerged. Wouldn’t it be great if someone taps an NFC-enabled device on a business card and all the company’s information is visible in the device? There will be no need for emails, calls or multiple website visits to collect information.
Secure Entry to Public Events
Adding NFC tags for entering public events can be a great option for large-scale events. Conferences, exhibitions, seminars, concerts, etc. are some of the public events that can allow all the attendees to scan the NFC tag at the entrance and enjoy the rest of their time. What would this do? This allows organizers to permit the people who have registered for the event beforehand. Reducing the hassles for on-time entrants can be very easy. For instance, adding NFC verification at a conference will allow the management to ensure that nobody is entering with fake identities. Moreover, eleventh hour entries can be conveniently catered. Apart from all these perks, one most important benefit of NFC verification at large-scale events is the increased engagement level that cannot be assured with traditional methods.
Need a real-world example? Here you go.
Lévy Gorvy, a famous art gallery, has introduced NFC to many of their exhibitions. The purpose is to increase brand loyalty and provide more information to all the visitors. (There was a 16% increase in customer interaction after this activity)
Tracking and Managing Assets
The NFC tracking system is effective when it comes to asset management, verifying that the asset is returned. Whenever the asset leaves the area, a record of the transaction will be made. Not only can the business validate the timely return of assets, but it can also help track the asset when needed. All in all, NFC technology confirms safety, speed and accuracy.
We all have used a system where credit/debit cards or physical money is not required for a transaction. All it takes is your mobile phone that has the NFC feature enabled and you can make touchless payments. Purchasing your favorite items couldn’t have been easier. With the COVID-19 pandemic surging the need for making everything touchless, NFC-based payments are one fine way of adapting to the new normal.
Retailers Making Customers Loyal with NFC
Every retailer wants to engage more and more customers but increasing customer loyalty is not that easy. It takes a lot of effort to make sure your customers are satisfied with the service. One way of doing so is adding NFC-based payments at checkouts. Moreover, the NFC feature can also be added to acquire customer information and know their perspective through surveys.
Hospitality Sector Preventing Imposters Using NFC
Fraudsters use stolen and fake identities to not only commit identity theft but avail perks of loyal hotel customers. Through NFC verification, hotel management can ensure that only legitimate customers are entering the hotel rather than an imposter who wants to benefit from loyalty points. Moreover, they can verify everyone who avails perks of being a regular customer before they fall prey to a fraudster. Above all, many criminals use the hospitality industry for hiding black money but the information acquired through NFC verification can be cross-matched against global watchlists and only legitimate customers can be allowed to reside in the facility.
What’s Your Opinion?
To sum up, near field communication technology has penetrated in almost every corner of the world. With every passing day, new uses of NFC are emerging making it inevitable for businesses to not employ this technology. From contactless payments to identity verification, there are thousands of use cases of NFC technology that you might not know about. Where one sector is using it for increasing customer loyalty, the other is using it to provide a seamless customer onboarding experience through NFC verification.
After reading this blog, you might have come up with a use case or two. Would you like to share your thoughts with us? We would love to hear back from you on the uses of NFC technology. Feel free to get in touch with us.