The NFC Forum, the standards and advocacy association for Near-Field Communication (NFC) technology, released its NFC Money Transfer Candidate Specification (NMT) on Tuesday (March 5), giving payment service providers and consumers the chance to use available NFC payment solutions as an alternative to QR codes.
In a press release, the NFC Forum said the NMT solution adds speed and efficiency to the payment process, eliminating the need for a camera or scanner, which is required with a QR code-based solution. The specification works between all NFC-enabled devices, including smartphones, readers and tags.
“The NFC Money Transfer Candidate Specification uses the intrinsic benefits of NFC technology – convenience, speed, security and usability – to create a better user experience for payments than QR codes,” said Paula Hunter, executive director of NFC Forum, in the press release. “With almost two billion NFC-enabled devices in use today, the majority of smartphone users around the world have NFC technology as a standard feature in the palm of their hand.”
The NFC Forum’s NMT solution will be available for payment systems worldwide. It does not compete with other existing solutions, such as open loop and closed loop NFC-based payments, the group said in the release. Those who are interested can review and provide input before the specification is officially adopted and published.
According to the NFC Forum, the Money Transfer Candidate Specification provides a better user experience than QR codes, because it simplifies user operations and enhances security levels. The group said the NMT only requires a tap by holding the device near a reader or other NFC-enabled device. With QR codes, a user has to open a camera, target the camera and then scan the code. The NFC Forum noted that the solution also enables faster transactions, as users don’t have to select an app as they do with QR codes.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More