Near field communication (NFC) technology has been the driving force behind the adoption of mobile payment methods, but an infrastructure capable of supporting widespread mobile payments is lacking. The lack of an infrastructure has not proven to be a hindrance to companies developing NFC technologies…yet. Kovio, a pioneer of printed silicon electronic technology, is stepping in to make sure this doesn’t happen.
They have raised more than $15 million in funding for a project that will take advantage of the fledgling mobile payment infrastructure and improve existing NFC tags.
Kovio has developed a new type of NFC tag which they are calling Radio Frequency (RF) Barcodes. The codes are printed on flexible substrates with silicon inks. They are significantly less expensive than conventional NFC tags and have a much wider operational range. The barcodes can be made pleasing to the eye with a number of graphical augmentations.
Manufacturers of mobile devices are releasing new products that are pre-enabled to interact with NFC technology. NFC is proving to be very popular as it adds a dynamic aspect to marketing and similar ventures. This presents an enticing opportunity for Kovio and other technology developers.
The company plans to use their barcode in a number of industries, including healthcare, transportation and energy.
Tyco Retail Solutions, leading retail services company, is one of the chief financial supporters of Kovio’s new project. Scott Clements, president of Tyco Retail, has said that Kovio is responsible for a groundbreaking technology that will revolutionize the way customers interact with businesses.
