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RFID stands for radio-frequency identification and NFC stands for near field communication. NFC systems are mostly used in contactless payment, while RFID systems find usage in asset and location tracking. In this article, we will discuss the key differences between them and their applications. We will also touch upon how much it costs to develop such systems and what certifications they require. And finally, we share our experience in developing hardware for RFID and NFC-based systems. We discuss the differences between the technologies, their applications, and alternatives.