Importance of NFC Technology in Transaction Innovation

Running head: MANAGEMENT
Management
Name of the student
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Author note

MANAGEMENT1
Table of contents
Introduction......................................................................................................................................4
Materials and methods.....................................................................................................................6
Results..............................................................................................................................................6
Discussion........................................................................................................................................9
Conclusion.....................................................................................................................................10
Reference list.................................................................................................................................11

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Abstract
In the modern world, technological innovation has not only brought the transaction opportunities
but also increasing illegal money laundering and black money have become important concerns
in the sector. With revolutionary technological changes, mobile device applications have
replaced the plastic cards. The significance of the research is it has shed light on the emerging
transaction issues in the modern world. Improving the payment methods in different sector, the
research has tried to highlight the significance of NFC in transaction innovation, for ensuring the
security as well as introducing smart communication mechanism in different sector. In the
research, it has been identified that due to changes in consumption trends, society is moving
toward cashless practices. Investigating the applications of NFC, it has been identified that in
order to increase the customer loyalty as develop strong communication with the customers,
NFC technology can play an effective role. Not only the self-efficacy but also providing a hike in
the integration process, the uses of Smartphones can help to develop the standard of the
organizations. Analyzing the future opportunities of NFC, it can be assumed that ion the near
future the technology can ensure the positive growth as well as strong social influences for
bringing the development in organizational performances.

MANAGEMENT3
Introduction
Significance of the research
The significance of the research is it has shed light on the emerging transaction issues in
the modern world. It is true that in the modern world, technological innovation has not only
brought the transaction opportunities but also increasing illegal money laundering and black
money have become important concerns in the sector (Halaweh, 2015). In this situation, ensuring
the secure transactions have become necessary in the modern world. The research has described
the importance of the Passive NFC performs to absorb the radio energy for making effective
communication between different devices.
Research Approach
Technological innovation has brought huge changes in the transaction process in the
business sector. With revolutionary technological changes, mobile device applications have
replaced the plastic cards. In the market, Near field communication has increased the capabilities
of contactless transactions in the market. The NFC has been developed based on the RFID
technology, which has developed the communication between nearby devices of NFC.
Background of the research
In the modern world, in order to ensure effective communication with people, smart
phone has become one of the essential communication tools. In order to understand the
automation and development of modern equipment, smartphones are being considered as an
important electronic field in which the applications of NFC can bring the development of modern
transaction process. In the virtual reality, application of effective communication has become
necessary in order to ensure the smart marketing growth (Lee, 2016). Technological