Mobile communication in finance is the future. When we talk about mobile payments, it is a broad range of terms under this umbrella. The true aim is to connect existing payment infrastructure with our mobile devices. There are various separate technologies that define mobile payment transactions, such as NFC, or HCE. If you have interest or stake in cryptocurrency you can visit Truly Coin to know the advances of contactless payment options in the same.
· Host Card Emulation:
Host Card Emulation or HCE is a technology which works with Android devices. If you have a debit or credit card, HCE allows the physical card to become a virtual one that can be used through your mobile. To do this, you need an HCE compliant app which provides the interface for converting the physical card into a virtual one. Then you do not even need your cards to be able to make payments. You can simply use your mobile at any NFC enables terminal and make contactless payment. ICICI bank has an application for contactless payment called Pockets App.
· Magnetic Secure Transmission:
MST technology works through MST enabled app, where you can save your card details. Then it simply becomes a virtual card. The best part of it is that MST works by emitting a magnetic signal from your mobile which any traditional PoS terminal magnetic strip card can read. So merchants do not even need to invest in new hardware to make it happen.
· Near Field Communications:
Through NCF, two devices can be placed within four centimeters of each other to be able to exchange data, provided both of these devices are equipped with an NFC chip. It can be a one way or two way communication depending on the read write access.