Iran to start using NFC payment systems

Business Materials 2 May 2017 17:40 (UTC +04:00)

Tehran, Iran, May 2

By Mehdi Sepahvand –- Trend:

Iran is going to start using near field communication (NFC) payment systems, planning to introduce the system at the Tehran International Book Fair on May 3.

NFC is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm (1.6 in) of each other.

The system will help the customers conduct payments in less than 10 seconds, said Central Bank of Iran CEO of FinTech Nasser Hakimi, adding that a third of payment terminals at the fair are equipped with the NFC system, IRNA news agency reported May 2.