NFC technology to be part of new service from Communication Federal Credit Union
With more than 50,000 members across Oklahoma and Kansas, the Communication Federal Credit Union is looking to adopt new technology to provide better service to customers. The organization has announced its partnership with Tyfone, a mobile financial service provider. Through this partnership, the Communication Federal Credit Union will now be able to offer customers new mobile banking solutions that are based on NFC technology. This technology is expected to help streamline banking and provide consumers with a way to make transactions using their mobile devices.
Tyfone platform leverages capabilities of NFC
Tyfone has developed a multi-mode mobile banking service that leverages the strengths of NFC technology. The service includes everything that consumers have come to expect from online banking products, but also acts as a mobile wallet. A mobile wallet is an application that stores a consumer’s financial information for use by a mobile device. This information is used alongside NFC technology to facilitate payments from a mobile device. The Communication Federal Credit Union believes that the Tyfone service will help it deliver new mobile banking technology to consumers.
NFC surrounded by controversy
Though NFC technology has been getting a great deal of attention for its uses in commerce, it has also been shrouded in controversy. Security experts have warned that NFC technology is susceptible to exploitation. Normally, this would not come as a surprise considering most technologies are often targeted by hackers. NFC technology is most commonly used in commerce, however, thus creating a significant problem for consumers and potentially putting their money at risk.
Companies favor infrastructure over security measures
Mobile commerce is an industry that is growing at a rapid pace, but there have yet to be any measures taken to ensure the complete protection of a consumer’s financial information. The companies investing in NFC technology have made efforts to bolster the security of mobile payment platforms, but their efforts have been limited. Many of these companies have chosen instead to embolden the mobile commerce infrastructure in order to allow more consumers to participate in mobile payments.