Viewpoint: Is NFC technology the best payment alternative to cards?

NFCIn an EAST website research poll that ran from September to December 2015 just 10% of respondents felt that Near Field Communications (NFC) based technology is the best payment alternative to cards, despite the fact that NFC mobile payment technology is becoming more prevalent in many markets and many retailers already have NFC-based contactless payment terminals in place. 53% of respondents felt that Hybrid technology (a combination of NFC technology and application based solutions) is the way forward.

In addition to NFC technology the ATM channel is considering new application-based solutions to handle cash withdrawals (and other) transactions that do not require specific hardware devices to read customer data (i.e. matching a one time password to a user ID, or using a QR code).  Cardless transactions at ATMs are convenient, fast and safe. Deploying application-based solutions for completely cardless transactions (and with no hardware requirements) could see the double benefits of an improved transaction experience for customers, as well as a more efficient, secure and cost effective means of achieving this.

The poll results can be seen in the chart below.

EAST Poll Sep to Dec 15

The current website research poll, which closes at the end of April, is on Intelligent Banknote Neutralisation Systems (IBNS) and asks the question – ‘If a stained note is offered to you, or comes into your possession, do you understand what you should do?’ To take it, and to see all past results, visit the ATM Research Page on this website, or click on the button below.

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