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.--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,”  (click for more)

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