Massachusetts-based NFC Forum, a non-profit industry association that advocates NFC technology, has launched its NFC Money Transfer Candidate Specification (NMT) that aims to break the dominance of QR code technology.
The new offering is touted as a quicker and more secure alternative to QR codes.
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By GlobalDataIn order to use NMT, users need to tap by holding the smartphone near a reader or other NFC-enabled devices.
Unlike the case with QR codes, NMT users will not have to select a payment app or use a camera or scanner.
Instead NMT leverages an open framework, enabling payment service providers to map out their already-defined data exchange, NFC Forum said.
The result is an acceleration of the payments process.
Moreover, the operating distance of NFC is said to make the process of recording transactional data exchange harder, thereby addressing security concerns more effectively.
NFC Forum executive director Paula Hunter said: “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.”
The specification is compatible with various NFC-enabled devices including smartphones, readers and tags.
According to NFC Forum, NMT will not compete with existing solutions including open and closed loop NFC-based payments.
