pple Pay may be getting a lot of buzz, but the act of waving your smartphone at the register to make a payment is old news. Some Android smartphones have had the ability to transmit payments at the store for years using near-field communication (NFC). But with the kind of fanfare that only Apple can produce, Apple Pay has put contactless payments in the spotlight.
To some extent, the hype surrounding Apple Pay is warranted: It provides the most fluid and secure experience yet for paying with NFC—partly due to the added step of requiring a fingerprint to complete the transaction. Apple Pay has also done a lot to get the credit card networks and merchants to work together on mobile payments, says Doug Brown, senior vice-president for FIS Mobile, a provider of banking and payment technology. And the attention it has brought to mobile payments, which have struggled to gain users, is giving them a boost and spurring competition.
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