The New Equity Bank’s Mobile Money Transfer System will run on NFC network technology. - What does this mean?

In June 2014, the Equity bank launched a new mobile money transfer system that is run on NFC technology.

NFC standards for: Near Field Communication. What this means is that the technology allows for data transfer between two devices that are few centimeters apart. 

So in the case of equity bank, the bank will give all those who sign up for this service a Sim card that is NFC enabled.For a transaction to happen, you will need to swipe your phone over a device at the equity agency, or any other merchant who will have installed the required device.

And don’t worry about the security of your data since the NFC card has  a smart chip (secure elements) embedded in it. The smart chip protects the information transferred through the network.
Besides the mobile money transfer solution, the NFC technology has numerous other applications. It has been used to connect home appliances, LG has been at the fore front of this; you must have  heard of a fridge that sends text messages anytime the temperatures goes  beyond  the set range.
One interesting application of the NFC technology is the ability to read a “smart” poster embedded with an RF tag.  This could mean we should expect  a decoration of hall ways with “smart” posters .

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