Near Field Communication (NFC) for WXPO Commerce Bank Essay

Near Field Communication (NFC) for WXPO Commerce Bank - Essay Example This is the reason for focusing mobile based services, as they are assumed to be an attractive and profitable business. However, there are many domains that can be categorized, one of them is called a mobile payment system. Researchers are continuously working to enhance mobile experience, consequently adding more services in to an affordable handheld device that can be convenient and cost efficient for both business and consumers. Previously, many mobile embedded services are launched. For instance, General Packet Radio Service (GPRS), Skype equipped with Voice over Internet Protocol (VoIP), Bluetooth communication radio, Infrared communication, Built-in Modems, browsers, online access to bank accounts via Internet etc. This shows that the researchers are constantly working to provide a one-time solution for the customers. For instance, a hand held device will become multipurpose device that may also eliminate security issues, as a single device is easy to manage. In the same contex t, mobile payment methods are in reach, as new field communication (NFC) is embedded in many mobile chipsets around the globe (Ondrus, Pigneur 2009). This technology will revolutionize the way of utilizing services that are provided on the cell phone. Consumers can use their cell phone for mobile payments, ticketing and bus fares etc. moreover, NFC also facilitate cell phones for device to device communication, retrieving signals from other chipsets and sensors. For instance, Radio Frequency Identification (RFID) and card emulations (Ondrus, Pigneur 2009). Overall, NFC is considered to be an efficient communicator for proximity interactions between any two or more devices. Likewise, NFC comprises of contactless smartcard and the cell phone. One significant advantage of using a contactless smartcard from the traditional smart cards made of plastic embedded with a magnetic strip or security chip is that the card reader becomes faulty. The reason for becoming faulty is the dust and gre ase that can degrade the capability of the reader. Moreover, cost is the second factor i.e. there is no requirement to produce a physical smart card. Furthermore, the contactless smart card is more convenient, as it travels with the consumer due to its integration in the cell phone. As NFC uses a very short range of communication i.e. approx. 1.5 inches, it is safe and secure for conducting an online transaction with such a small distance. No one can disrupt of hack in between the two communication nodes i.e. the contactless smartcard and the responder. Moreover, an organization named as Molo Rewards has recently introduced a program that is utilizing NFC technology. Consumers can download different coupons by swiping their cell phones at the point of purchase (†¦, Early days but wallet-less payments are the future  « As I learn 2011). Moreover, NFC supported phones are now widely available in many countries; organization has started to integrate RFID tags on the back cover o r casing of the cell phone (†¦, Early days but wallet-less payments are the future  « As I learn 2011). Furthermore, organization has mentioned these lines on their website â€Å"Want to send a coupon to a consumer who purchased a box of cereal on the 21st of December at 11am EST. MoLo Rewards can provide you with the