How a new NFC spec could break QR’s grip on mobile payments

DATE: Fri, Aug 15, 2025
PUBLICATION: PaymentSource

It may take several more months of testing before it is deployed in a payments application, but a new money transfer specification the NFC Forum has developed carries the organization’s promise of becoming an alternative to QR-code technology. In releasing its Near Field Communication-based Money Transfer Candidate Specification, the NFC standards organization is pushing the new coding as a way for banks, merchants and wallet providers to promote a faster and more secure option for mobile payments than using a QR code, which is a popular practice in many regions of the world — including the U.S., where QR is the standard for the likes of Walmart Pay and Chase Pay.