Thank you for sharing the link.
Nowadays, many are coming forth with contactless payment methods, especially in apps. The major elements in the contactless payment method are the Internet of Things and NFC. Recently I come across an article that speaks about IoT service and NFC in contactless payment methods. It is originally published on
https://www.theinternetofthings.eu/ website, which is a trustworthy source.
The author says that " For the past several years, the Internet of Things (IoT) has transformed the ubiquitous digital world with a plenitude of applications built around various types of sensors and devices. The Internet of Things (IoT) has swiftly become one of the common expressions across the technological domain, with the potential to essentially enhance the way we interact with the modern world. From high-level industrial devices to common household objects are getting smarter and connected to the internet, enabling seamless communication between networks, devices, and organizations".
"Here is what the author has to say about how NFC works.
Several banks all around the globe have also encompassed the NFC-based digital payment (Debit/ Credit cards) to serve all kinds of Payment needs. as well as Multiple ID Card Virtualization. These cards are based on the NFC Peer-To-Peer communication mode, which can generate the details when scanned by an IoT based scanner device. The details are further forwarded to a cloud server using the message server and GSM. The server processes and analyses the data to make the transaction happen".