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It appears to be based on NFC-F with latency under 200 ms, called FeliCa. Similar to regular NFC at around 300 ms latency plus any network times.

https://www.sony.co.jp/en/Products/felica/NFC



It was a completely custom standard conceived by JNR/JRE and Sony during 1990s-2000s, that they eventually managed to be included into the common NFC specification through years of lobbying and pressuring.




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