EMV and NFC payments
EMV and NFC payments
I would like to know the recent new payment wearable devices that are coming in the market, they mention they use nfc technology for the payments. Is it actually the emv or the nfc technology that they are using to make the payments in any shops?
NFC (Near Field Communication) is a short range wireless communications standard. With this, devices like smart phones, POS terminals, smartcards can communicate by being in close proximity and without contact.
EMV (Europay, Mastercard, Visa) is a payment specification for both contact and contactless (NFC) payment. On top of EMV specification, there is payment schemes (eg: VISA, Mastercard etc.) specification also.
So when somebody says, it is NFC payment, it is contactless payment running on EMV specification and specific payment scheme.
it is EMV payment using NFC (contactless) technology
So they just mention it’s nfc but it’s actually an emv rite?