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Why banks and payment companies are betting on NFC

In the wake of the COVID-19 pandemic, card companies and banks are pushing near-field-communication (NFC) based payment options for customers in a bid to avoid debit or credit card swipes at retail outlets. While Google Pay has launched a tokenised card option with Axis Bank, SBI Cards and Kotak Mahindra Bank, HDFC Bank alongside Visa have now enabled merchants to accept contact-less card payments via their smartphone, according to a press release. NFC-based card payments allow customers to "tap and pay" on point-of-sale devices, therefore reducing human contact when buying goods and services. Both Visa and Mastercard said that transactions through contact-less payment methods, globally, have increase manifold in the last six months due to a shift in consumer preferences in the wake of the pandemic. According to a statement by Visa, around 55% of Indian consumers surveyed said they…

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