NFC CONTACTLESS MOBILE PAYMENT FOR POS TERMINAL &

MERCHANT SERVICES MAR 02, 2015

Near-Field Communication (NFC) is an equipped phone or tablet technology which enables sharing small bits of

data wirelessly between two local devices. NFC technology is now commonly found in Andr oid, Windows and

Apple smart devices. MONEXgroup POS Solutions and Merchant Services highlights in this article regarding the

importance of adapting to support Contactless Mobile Payments for in -store POS terminal usage.

“New technologies have made it possible

to transform cell phones into electronic wallets.”

With NFC mobile payment processing, retailers can use their contactless POS terminal to accept and process payments

securely via mobile devices. With one simple step, the consumer can settle their payment by tapping their phone on the

POS terminal. This functionality is made possible by installing a payment application on smart devices; allowing

consumers to utilize their mobile devices to settle their transactions withou t a debit or credit card. The connection

between their Smartphone and the POS terminal is achieved through NFC technology; where payments get validated

through a separate chip – called Secure Element “SE”- and authorization is covered via NFC. (cnet.com, 2014).

Visa & MasterCard Canada have enabled the NFC contactless mobile payment platform via the POS terminal to

facilitate more convenient merchant services and credit card transaction processing. “New technologies have made it

possible to transform cell phones into electronic wallets” (VISA Canada, 2015). With NFC technology, many popular

mobile phones can be programmed with a payment application supported by Visa PayWave or MasterCard PayPass to

secure payments with contactless POS terminal reader. This solution is ideal for retailers with high volumes of walk -

ins; where speed of merchant service at point of purchase is critical. ( VISA Canada, 2015 & MasterCard Canada, 2015).

According to the report that was published by Deloitte Canada; “Contactless Mobile Payments (Finally) Gain

Momentum”, they have mentioned that by the end of this year, 5% of total 600 – 650 worldwide NFC equipped phones

will be used at least once a month to make contactless in-store payments at retail outlets”. By the end of 2015, all NFC

technology requirements will be supported through mainstream mobile payment solutions in different sectors includ ing

financial institutions, merchant services, consumers and the mobile devices themselves. In turn, this will allow for

better customer service, improve the in-store experience and increase the flow of small payments accessibility within

seconds.

Benefits of NFC Mobile Payment Processing for Merchant Services :

Secure · Simple · Fast · Modern ·

As a reference, the demand for a “Tap & Go” contactless POS terminal has significantly increased where 75% of

Canadian retailers have improved their merchant services by allowing their clients to tap their card on a contactless

POS terminal more than 330 million times a year. This counts for 10% of domestic transactions with an increase of 1%

every month in the consumption of credit card processing and contactless POS terminals ( letstalkpayments.com, 2015).

Merchants should similarly anticipate a dramatic increase in the popularity of NFC contactless mobile payment in the

near future.

What does MONEXgroup offer to merchants who are looking to add NFC

Mobile Payment Processing to their POS terminal? o Nearly all of our POS terminals include embedded Contactless readers which support NFC technology.

o Fast, reliable and flexible Contactless POS terminals that function ideally in -store with consumer interface and on-

the-go with “Tap & Go” feature.

o An Integrated solution that minimizes errors and improves the speed of service.

o A sleek all-in one payment device that offers a clear, quick and efficient payment options.

“MONEXgroup’s terminals are field-upgradeable, so you can download the latest software without exchanging the

unit”.

When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and

quality of service and lower the related costs. Request a Cost Comparison Analysis today. Call 1.866.767.7253 and ask

about our latest promotion.