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Iran to roll out NFC payments

Wednesday 7 June 2017 | 01:06 PM CET

The Central Bank of Iran has announced plans to implement a new tap-and-go payments system to enable customers use their smartphones or watches for making purchases.

The technology behind the new tap-and-go cards sends data wirelessly to a nearby terminal, completing purchases with near-field communication, or NFC. The banks will virtualize the card with security measures inside the app, and therefore to make a payment, one needs to activate the application and bring the phone close to POS terminals. The same is also planned for ATMs.

According to CBI officials, the purchase limit for these cards is USD 53 for now, but it will be raised to USD 13,350 by the end of 2017, according to Financial Tribune.

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