RFID, or Radio Frequency Identification, is an electronic labeling technology that uses radio waves to identify objects. An RFID tag contains information like a serial number that is transmitted to an RFID reader when passed through its field. The basic components of an RFID system are a programmable tag, reader/antenna, and host computer. Tags can be passive, semi-passive, or active. Current applications of RFID include credit cards, transit cards, electronic toll collection, access control, and supply chain management. While RFID offers benefits over barcodes like storing more data and updating wirelessly, its costs remain higher and standards are still being developed.