In October, the EMV Liability shifted. Which, to you and me, means that most of us are using debit and credit cards with an embedded chip these days. The embedded chip adds new security features. It’s an attempt to circumvent fraud. But card payment technology doesn’t stop evolving there. You probably didn’t know, is that EMV technology has been around since the 90’s. Most European and Asian countries have been using it since 2006.
But EMV isn’t cutting edge. What’s coming next is just becoming popular in Hungary right now. The next big thing in card payment technology is contactless payments.
This is the newest (and coolest) technology. Contactless is moving into payments, and ATM’s. It’s moving into door access, and security. And it’s moving into even gift and loyalty cards!
Like Apple pay, many contactless cards work on the 13.86 MHz frequency. This is the same frequency as NFC (Near Field Communication) for Android phones. This allows for a much more secure connection between card and device. This also allows a certain dollar amount before you have to enter a PIN to purchase.
FreedomPay has been a front runner in this technology. Working with both Bank of America and McDonalds. In fact, McDonalds, KFC and Burger King have all taken contactless payments in the UK since 2008. It’s just a matter of time before NFC payments dominate the industry.
NFC will likely continue to eek it’s way into common use in other countries before making it’s way to the USA. But, much like with any other POS or Payment Technology, it’s just a matter of time. Then we start the whole compliance dance over again!