There was a time when it was troublesome to carry a huge amount of cash and travel. Now, then to the NFC and EMV payments which makes it easy for us to seamlessly make the payments. More and more people are now adopting the card or online payment system to make their daily transactions.
But many of us are still confused about NFC and EMV payments. So in this article, I will go through a few major differences between both this payment thing. But before that let us first get into the definition of NFC and EMV payments.
EMV (Europay, MasterCard, and Visa) is a transaction that occurs with the help of the chip-enabled card and ATM or a payment terminal. To build a secure transaction system, the EMV cards of different brands are enabled with the chips in it. All you need to do here to make a transaction is enter or swipe the card and enter the pin number and you’re done. These types of EMV payments are usually referred to as “Chip & Pin” or “Chip & Signature”. People are getting more comfortable with the EMV payment system.
NFC (Near Field Communication) which allows you to make payments through your smartphones or devices like a payment card reader. NFC will let you make a payment without any physical contact between the payment devices. And that is the reason it has gained huge popularity in recent times. Some of the best NFC payment apps are Apple Pay, Android Pay, Samsung Pay, and more. The transaction time for such payments is really fast like it just takes a couple of seconds to make the payment. The NFC payments are known as a "Tap & Pay," "Tap & Go," or simply "Tap,".