Analysis: NFC Forum’s New Money Transfer Spec Likely Too Little, Too Late to Reverse QR Growth Trends

NFC TIMES Exclusive – As QR code-based mobile payments continue to threaten take-up of NFC technology, especially in Asia, the NFC Forum industry trade group is taking action.

The forum, whose board members have much invested in NFC technology–and much to lose if it falters–is proposing a new specification that it says would make it easier for consumers to do money transfers on their NFC-enabled smartphones and other devices than the same types of payments using QR codes. That includes payments to merchants. 

The NFC Money Transfer specification, which is not yet finalized, would basically use the same data that is stored in QR codes to initiate transactions on mobile and other devices, but this data would be in the form of NFC Forum-specified NDEF messages. 

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