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What are the pros and cons of NFC vs QR code based mobile payments?

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Mobile payments are becoming more popular and convenient as smartphones and digital wallets offer various ways to pay with a tap or a scan. But not all mobile payment methods are the same, and there are pros and cons to consider when choosing between NFC and QR code based solutions. In this article, we will compare these two technologies and how they affect your mobile commerce experience.

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Alex Negrutsa

Mobile Commerce | CPO | Co-founder at IMSHOP.AI | Mobile Apps for Retail & E-commerce | Agile | SCRUM | PSPO
Ambika Pande

Product @ Razorpay ? Early Stage Investments @ Atrium Angels ? ISB Co’21 ? Former Pro Athlete ? Ex-Corp Strat @…
Harshvardhan Zaveri

Co-founder & CEO at Orbit Wallet | IIT-G | Ex- ANQ Finance, Zealth-AI YC21, Morphle Labs YC20| Zaveri Corporation

1 What is NFC?

NFC stands for near field communication, and it is a wireless technology that allows devices to communicate with each other when they are in close proximity, usually within a few centimeters. NFC enables mobile payments by allowing your smartphone to act as a contactless card that can be read by a terminal at the point of sale. To use NFC, you need a smartphone that has an NFC chip and a digital wallet app that stores your payment information.

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Ambika Pande

Product @ Razorpay ? Early Stage Investments @ Atrium Angels ? ISB Co’21 ? Former Pro Athlete ? Ex-Corp Strat @ Razorpay / Zestmoney
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It really depends on from what perspective you're looking at payments - QR codes are way easier for merchants to access, and they're something that ANYONE can use to make payments, so accessibility is very high here. Even issues like recon that static QRs have is now being solved through low cost dynamic QR devices integrated with billing systems - NFC solves for tap & pay payments. We seem to have evolved into a Scan & Pay audience. And NFC is just not available everywhere - phones (at scale) are not NFC enabled. There are cons to both yes, but to be able to get usage at scale, consumption barriers need to broken down, which is what QR codes and UPI have done, and what NFC still needs to prove itself in.

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2 What is QR code?

QR code stands for quick response code, and it is a type of barcode that can store various kinds of data, such as web links, text, or payment details. QR code enables mobile payments by allowing your smartphone to scan a code displayed on a terminal, a screen, or a paper receipt, and then initiate the payment through an app or a browser. To use QR code, you need a smartphone that has a camera and a QR code reader app that supports the payment platform.

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3 Pros of NFC

One of the main advantages of NFC is that it is fast and secure. NFC transactions can be completed in seconds, without the need to open an app, enter a PIN, or confirm the payment. NFC also uses encryption and tokenization to protect your payment information from being intercepted or duplicated. Additionally, NFC can be used for other purposes besides payments, such as loyalty programs, transit tickets, or access control.

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Alex Negrutsa

Mobile Commerce | CPO | Co-founder at IMSHOP.AI | Mobile Apps for Retail & E-commerce | Agile | SCRUM | PSPO
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In my experience the main advantage of NFC from the mcommerce perspective is that this technology is a way to start the user journey even without need to unlock the phone and find a specific app. The same way it works for Apple Pay it could be implemented in services like: NFC-tags for authenticity check like Gucci TAG, Loyalty cards etc Some more advantages of NFC compared to QR-codes: low-light availability, durability, machine washable and harder to duplicate comparing to screenshoting a QR-code

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4 Cons of NFC

One of the main drawbacks of NFC is that it is not widely available and compatible. Not all smartphones have NFC chips, and not all merchants have NFC terminals. NFC also requires both devices to be powered on and close enough to communicate, which can be inconvenient or unreliable in some situations. Furthermore, NFC can be vulnerable to interference or hacking if the devices are not properly secured or authenticated.

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Harshvardhan Zaveri

Co-founder & CEO at Orbit Wallet | IIT-G | Ex- ANQ Finance, Zealth-AI YC21, Morphle Labs YC20| Zaveri Corporation
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The tokenisation of Credit & Debit cards have already taken care of vulnerable hacking attacks on your phone as all the card details are usually stored in encrypted format.

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5 Pros of QR code

One of the main benefits of QR code is that it is universal and accessible. Almost any smartphone can scan a QR code, and almost any merchant can display a QR code. QR code does not require any special hardware or software, and it can work across different platforms and regions. QR code also offers more flexibility and functionality, as it can contain more information, link to different services, or enable dynamic pricing or discounts.

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Alex Negrutsa

Mobile Commerce | CPO | Co-founder at IMSHOP.AI | Mobile Apps for Retail & E-commerce | Agile | SCRUM | PSPO
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From my perspective scalability is the main advantage of the QR code. It can be displayed or printed, static or dynamic. It’s easy to build experience in different mediums. Scan and go being my favorite.

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6 Cons of QR code

One of the main disadvantages of QR code is that it is slow and cumbersome. QR code transactions can take longer, as you have to open an app, scan the code, and confirm the payment. QR code also relies on the quality and clarity of the code and the camera, which can be affected by lighting, angle, or damage. Moreover, QR code can be prone to fraud or spoofing, as the code can be altered, copied, or redirected to malicious websites or apps.

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Harshvardhan Zaveri

Co-founder & CEO at Orbit Wallet | IIT-G | Ex- ANQ Finance, Zealth-AI YC21, Morphle Labs YC20| Zaveri Corporation
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The QR codes lacks the capability of being dynamic when in printed format. This is good for the small merchants taking payments but causes a reconciliation issues at scale.

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Alex Negrutsa

Mobile Commerce | CPO | Co-founder at IMSHOP.AI | Mobile Apps for Retail & E-commerce | Agile | SCRUM | PSPO
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The reliance on smartphones and apps to scan QR codes can be a barrier for some users, particularly those who are less tech-savvy or do not have a smartphone. Even in 2024 there are a lot of outdated smartphones in the market that require installation of a dedicated app for QR reading. Ensuring alternative options or assistance is available is important for inclusivity.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the pros and cons of NFC vs QR code based mobile payments?

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1 What is NFC?

2 What is QR code?

3 Pros of NFC

4 Cons of NFC

5 Pros of QR code

6 Cons of QR code

7 Here’s what else to consider

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