Smartphones enabled with near-field communication (NFC) smart tags have become a more popular choice among Britons for paying their small purchases, which indicated a growing trend on mobile payments.
The increasing use of smart tags from companies such as NFC Direct could be one reason for the decline of Apple smartphone sales. The iPhone maker recently fell behind Huawei as the third biggest company in terms of sales to end users.
In 2017, the number of payments made through NFC-enabled smartphones reached £975 million. Pub and restaurant businesses should think about expanding their payment channels to include this option since the segment accounted for almost £122 million of NFC payments.
Brits also use their mobile phones to pay for groceries. Convenience seems to be the common reason behind their preference for mobile payments, as users no longer need to take out their wallets or fumble for change inside their pockets. Tracking expenses also becomes easier through your phone. If you have security concerns, specific measures reduce the risk of someone hacking your information.
You might think that losing your phone is almost the same as handing out your wallet to thieves, but a password is your simple solution. In case of loss or theft, hackers won’t find it too easy to unlock a phone with a strong password. It gives you time to disable or unlink your payment preferences.
NFC might be a safer option than credit cards. A skilled hacker can still extract information from your lost or stolen card even if your bank already blocked it. Be aware of where you swipe your phone, and never transact with businesses that don’t use a secure channel.
The rise of NFC technology for smartphones means that mobile payments are slowly becoming an alternative to credit cards. Individuals and small businesses should think about using the technology for convenience and as a way to boost sales.