Credit cards, debit cards, key fobs, smart cards or other devices, including smartphones and other mobile devices, that use NFC for making secure payments. The embedded chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal.
Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature or PIN verification is typically required, contactless purchases are typically limited. Those unauthorized may still take advantage of contactless payment systems as no identification occurs before payment except for certain devices, such as when using mobile payments. However, owners can block transactions, and that may provide a relatively short time frame, if any, for fraudulent activities to occur.
Examples include Apple Pay, Google Wallet, Samsung Pay, payWave and PayPass.