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Bitcoin May Use NFC-Based Payments in Future

Cota, a Bitcoin developer proposes a payment method where users will make payments via NFC by connecting their smartphones to the device being paid, basically by hooking to the Bitcoin’s upcoming lightning network.

It will use the lightning feature, which could be the greatest breakthrough in payments in the Bitcoin protocol thus far. So, to realize instantaneous payment same as contactless cards do, a person making Bitcoin payments will merely hold his smartphone near the device being paid in order to complete a transaction.

The system will then encode a fancy HTML receipt that the customer can use for a future reference.

The developer by the name, Igor Cota, has already tested the module and it looks good.

He said in a post,

“QR codes are a bit unwieldy and even more so if you want a nice HTML table description of your grocery shopping with hundreds of items. However, this relatively large amount of data makes them impractical to scan. To this end, I’ve been running an instance of c-lightning on Android and experimenting with payments via NFC. I set up a machine with an NFC USB dongle that acts as a point-of-sale terminal. So far so good!”.

Therefore the technology could be implementing in smartphone via card emulation techniques. In order to have a two-way communication and ad hoc connection to the lightning network.

Already, many people use NFC-based payments especially in Asia and Europe, both on smartphones and through chips on payment cards.

Will lightning network-based NFC-based Bitcoin payments improve the manner in which people make Bitcoin payments today? Share your opinions with us on Twitter and Telegram.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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