{"id":4511,"date":"2019-03-06T18:31:55","date_gmt":"2019-03-06T18:31:55","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4511"},"modified":"2023-02-13T09:29:08","modified_gmt":"2023-02-13T16:29:08","slug":"nfc-targets-qr-codes-with-new-spec","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/nfc-targets-qr-codes-with-new-spec\/","title":{"rendered":"NFC Forum Targets QR Codes with New Spec"},"content":{"rendered":"\n

If you thought QR\ncodes had conquered payments in some regions, the NFC Forum wants you to think\nagain.<\/strong><\/p>\n\n\n\n

The organization,\nwhich develops standards and advocates for near field communication (NFC)\ntechnology, has <\/strong>released<\/strong> what it calls its NFC Money Transfer Candidate Specification, taking direct\naim at QR codes.<\/strong><\/p>\n\n\n\n

QR codes are seen by some in the payments industry as key to\nfinancial inclusion, enabling merchants to accept electronic payments without\nneeding to invest in expensive infrastructure to get\nstarted.<\/p>\n\n\n\n

At the same time, payment facilitators are thought to play a\nkey role in bringing the codes to small and micromerchants. Mastercard has\nsaid that PFs are well-suited to help distribute QR code solutions to\nmerchants with little or no experience in accepting electronic payments, thanks\nto local expertise, innovative approaches to problem solving, and an ability to\nprovide merchants with robust support. <\/p>\n\n\n\n

The NFC Forum said that its specification would work between\nall NFC-enabled devices, including readers, smartphones and NFC tags. The spec\n\u201cprovides an open framework which can be easily used by payment service\nproviders to map their already defined data exchange for QR code-based payment\nsolutions with NFC communication,\u201d it said.<\/p>\n\n\n\n

To accept payment using the NFC Money Transfer specification,\na merchant would need a reader and a relationship with a financial institution,\nan NFC Forum spokesperson told PaymentFacilitator. <\/p>\n\n\n\n

In its announcement, the NFC Forum says that its proposed\nsolution improves the consumer experience over QR codes. It eliminates the need\nfor a customer to select an app on their mobile phone and position a camera or scanner\nand to conduct a transaction. The spec enables the payment application to be\nselected automatically, according to a Q&A<\/a>\nwith Daniel Orsatti, the Group Chair for the NFC Forum\u2019s Reference Applications\nFramework Working Group.<\/p>\n\n\n\n

The Forum also claims that the NFC solution has better\nsecurity because \u201cthe operating distance of NFC makes it more difficult for\nattackers to record the data exchange for payment transactions compared to QR\ncode-based solutions,\u201d Orsatti said.<\/p>\n\n\n\n

\u201cThe NFC Money Transfer Candidate Specification uses the\nintrinsic benefits of NFC technology \u2013 convenience, speed, security and\nusability \u2013 to create a better user experience for payments than QR codes,\u201d\nPaula Hunter, executive director for the NFC Forum, said in the press release. <\/p>\n\n\n\n

\u201cWith almost two billion NFC-enabled devices in use today,\nthe majority of smartphone users around the world have NFC technology as a\nstandard feature in the palm of their hand.\u201d<\/p>\n\n\n\n

The Forum is inviting\ncomment<\/a> on its specification before it is officially adopted and published.\n<\/p>\n","protected":false},"excerpt":{"rendered":"

f you thought QR codes had conquered payments in some regions, the NFC Forum wants you to think again.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[502,584,585,586,725,726],"class_list":["post-4511","post","type-post","status-publish","format-standard","hentry","category-archive","tag-mastercard","tag-nfc","tag-nfc-forum","tag-nfc-money-transfer-specification","tag-qr-codes","tag-qr-based-payments"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4511"}],"version-history":[{"count":4,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4511\/revisions"}],"predecessor-version":[{"id":9087,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4511\/revisions\/9087"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4511"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}