DGFinance

What is NFC technology?

NFC stands for “near field communication.” NFC has its roots in another technology, called radio frequency identification (RFID), which was patented by Charles Walton in 1983. Using RFID tags, Walton was able to “label” specific radio waves, making it easy to send and track data through short-distance wireless communication.

From there, Walton and other developers continued to refine the RFID frequency process, and in 2003, NFC technology was approved as an ISO standard. By 2011, the first NFC mobile apps were being introduced on smartphones. According to a recent study by Juniper Research, contactless payments accounted for $1 trillion in transactions in 2018, and payments from NFC apps and wearable devices will surpass $15 billion in value.

Author: Lindsey McGee

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