There are two forms of wireless. The first was “magstripe emulation” and it’s exactly what you think it is. The card would hand over the exact data on the magstripe.

It’s also exactly as secure as you think: it’s not.

That hasn’t been used for a long time, and I don’t even think people accept it anymore. May not have for years. At least for credit cards. It’s quite possible that’s still how door access cards or maybe gym membership cards work. I don’t really know.

Everything now and for many, many many years, has been EMV over NFC. And you’re right on that one it is essentially identical to sticking your card in the EMV reader.