In Argentina, contactless technology is becoming increasingly popular in various establishments such as supermarkets, ice cream parlors, and cinemas. This form of digital payment eliminates the need for cash or card insertion into a payment terminal, making transactions quick and convenient. The technology behind this innovation is Near Field Communication (NFC), which allows data transfer between compatible devices within a short range.
NFC works by generating an electromagnetic field between devices, ensuring fast and secure data transfer. This feature is available in certain cell phones with NFC technology, enabling users to make mobile payments and transfer files between devices seamlessly. Two major technology companies, Google and Apple, have introduced their virtual wallets in Argentina, incorporating NFC technology for contactless payments.
Apple Pay and Google Wallet enable users to load their debit or credit cards onto their devices and make contactless payments by simply tapping their smartphones on compatible terminals. This technology offers a convenient and efficient way to make financial transactions in stores and online. Virtual wallets such as MODO and Mercado Pago have also emerged in the market, bringing added security and simplicity for users to manage their money and make transactions seamlessly. While these apps are still in development stages, they are expected to revolutionize the way Argentinians make payments in the near future.