NFC Money Transfer Specification Alternative To QR Codes Announced

NFC Forum’s Payment Solution Is Simpler, More Secure Than QR
Code-Based Solutions

WAKEFIELD, Mass.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/QRcode?src=hash” target=”_blank”gt;#QRcodelt;/agt;–The
NFC Forum
, the world’s leading standards and advocacy association
for Near Field Communication (NFC) technology, released its NFC
Money Transfer Candidate Specification
(NMT) today. NMT gives
payment service providers and consumers the opportunity to take
advantage of the simple and secure NFC-based payment solutions already
in use worldwide as an alternative to QR code-based solutions.

The NMT solution improves the speed and efficiency of the payment
process by eliminating the need for a camera or scanner used in QR
code-based solutions. It provides an open framework which can be easily
used by payment service providers to map their already defined data
exchange for QR code-based payment solutions with NFC communication. The
specification works between all NFC-enabled devices such as 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, NFC Forum. “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 NMT will be available for payment systems worldwide and
does not compete with other existing solutions, such as open loop and
closed loop NFC-based payments.

Candidate specifications allow interested parties in the industry to
review and provide input to the document before the specification is
officially adopted and published by the NFC Forum. For more information
or to comment on the specification, click here.

NFC Money Transfer Candidate Specification and QR codes

The NFC
Money Transfer Candidate Specification
improves the user experience
compared to QR codes because it simplifies user operations and enhances
security levels. For example:

  • The NMT operates with a simple “tap” by holding the smartphone in
    proximity to a reader or other NFC-enabled device whereas a user needs
    to open a camera, target the camera and then scan a QR code.
  • The NMT allows a faster payment transaction without pre-selection of a
    payment app by the user as required by QR codes.
  • The NMT provides users with better security protections over QR codes
    as the operating distance of NFC makes it more difficult for attackers
    to record the data exchange for payment transactions compared to QR
    code-based solutions.

About the NFC Forum

The NFC
Forum
was launched as a non-profit industry association in 2004 by
leading mobile communications, semiconductor, and consumer electronics
companies. The Forum’s mission is to advance the use of Near Field
Communication technology by developing specifications, ensuring
interoperability among devices and services, and educating the market
about NFC technology. The Forum’s global member companies are currently
developing specifications for a modular NFC device architecture, and
protocols for interoperable data exchange and device-independent service
delivery, device discovery, and device capability. Only member companies
can participate in the Forum’s certification program of NFC devices,
readers and tags.

Follow the NFC Forum:

Facebook
LinkedIn
Twitter
YouTube

Contacts

Ruth Cassidy, NFC Forum Public Relations
+1 617-957-8494
[email protected]

Bob Olson, NFC Forum Public Relations
+1 978-872-7120
[email protected]

error: Content is protected !!