Power RFID module using GPIO
No, this is not an acceptable solution.  The RC522 needs in excess of 100mA to operate, and an ESP8266's GPIO pin can only supply 12mA maximum.  You will damage the ESP8266.

You need to use a P-channel MOSFET with the gate pulled HIGH as a high side switch.







simulate this circuit &ndash; Schematic created using CircuitLab

Set the GPIO to LOW to turn on the MOSFET. Set it HIGH or to INPUT to turn off the MOSFET.



Note 1: Set the communication IO pins to INPUT before powering off otherwise they could back-power the target device through the ESD diodes in the IO pins.