Abstract: Radio Frequency Identification (RFID) technology in business and industry is rapidly starting to show its growing potential in comparison with other identification technologies. With RFID's expanding role in business applications questions concerning not only gains but also risks are arising. The purpose of this study is to highlight selected areas of this technology that may be critical for its further exploitation in business applications. A comprehensive review approach was used to guide the research process. The relevant literature findings were gathered and sorted into the categories as advantages, disadvantages, readability and privacy security. Differences between RFID and barcode technologies, especially in terms of their use in information management are also discussed in this study. Further, selected critical aspects of RFID development and applications are described. Finally, summative inferences and anticipated expectations of future RFID deployment in business and enterprises are outlined.