Is this True ?

Can someone with the knowledge explain please?

Is this True?

aiyyo it's NFC(Near Field Communication ). ahuwenna epa owata

http://www.techradar.com/news/phone-and-communications/what-is-nfc-and-why-is-it-in-your-phone-948410

Well its in existence in credit cards for almost 3 yrs now. Many foreign banks in some countries use this system in credit card payments where u just hav to tap the card near the terminal (in other words hold the card near to the terminal) for just 2 or 3 seconds for the transaction to be completed for an amount up to $100 maximum I believe. U don't hav to key in the pin or sign for the transaction.

Some people don't like this system and refrain from using these type of special cards instead they request for the normal credit cards to be supplied by the bank.

It's fast and convenient but security is bit of a concern.

Visa cards termed as "visa payWave" cards and master card termed as "PayPass" cards

Other option is if u hav a smartphone and hav the special app downloaded in it provided by the bank. That app will be linked to ur transaction account with the bank and all u got to do is tap ur phone near the terminal. That's it

Enlightening and Thank guys.