siliconindia | | SEPTEMBER 20238EDITORIAL EXCLUSIVEThe one thing that no one in the modern world can live without is mobile payments and digital wallets, sometimes referred to as UPI payments. How we manage our financial transactions has significantly transformed in the last ten years. As game-changers, mobile payments and digital wallets have changed how we pay, purchase, and engage with businesses by making traditional payment methods simple, safe, and convenient. The development of mobile payments and digital wallets, from their modest beginnings to their widespread use, has not only rushed the payment process but also welcomed a new era of comfort, security, and financial inclusion. We'll study the evolution of mobile payments and digital wallets, we'll examine the development of mobile payments and digital wallets and identify the significant turning points and talk about how they affect our day-to-day activities.The Role of NFC in Online PaymentsSince everyone uses online payments, what is NFC, and is anyone familiar with it? In essence, NFC when expanded its Near Field Communication technology means it provides easy data sharing between compatible devices by enabling short-range wireless connections. This technology has revolutionized many aspects of our lives, particularly contactless payments. Users can conduct safe transactions without using physical currency or credit cards with a quick tap or wave of a smartphone or other NFC-enabled device. NFC is used in access control, transportation systems, information sharing between devices, and payments. Due to its smooth and user-friendly design, NFC has become a crucial element of our daily routines, simplifying and transforming how we connect with the world around us.BEYOND CASH, EVOLUTION OF MOBILE PAYMENTS & DIGITAL WALLETS
< Page 7 | Page 9 >