Page 9 - All the 12 payment enabling technologies

Radio frequency identification (RFID)

Radio frequency identification (RFID) is the wireless non contact use of radio frequency electromagnetic fields to
transfer data, for automatically identifying and tracking tags attached to objects. The tags contain electronically
stored information. According to research and markets, the global RFID market is expected to generate revenues
worth $3,925 Mn in 2016, increasing at a CAGR of 29.3%, from a value of $1,087 Mn in 2011.

How it Works Companies involved

RFID is the basis for NFC - Uses radio
communication to establish connection between
two devices in close proximity.

Use Case

Payments, transit, tolls, vending machines and
tracking
Strengths

Easy to use
Weaknesses

Only permits one way communication between
devices; typically can only be used for low value
transactions

Security Risks

Eavesdropping; data modification

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