Contactless payments are becoming much more popular in stores as they are not only more convenient but they are also much more hygienic. A payment like this can be done just by tapping your card against a machine. You basically pay within seconds. Most credit cards now offer this technology as it works very similar to chip cards. When you tap your card it sends a one time token to the payment terminal that adds security to it. Samsung has used a similar technology called magnetic search transmission but is switching to NFC as well.

Key Takeaways:

• Contactless payments work just like a chip card does, by sending a unique one time token.
• Chip card readers use NFC and this type of technology is typically used for contactless payments too.
• Samsung pay uses a magnetic secure transmission but they are phasing that technology out and switching to NFC too.

“More than half of Americans reported using some form of contactless payment, according to a 2020 Mastercard poll.”

Read more: https://www.nerdwallet.com/article/small-business/contactless-payments