Cashless Purchasing: QR Codes vs. NFC

Secure Vault Payments (SVP), an online payment company that ensures secure transactions, is said to announce a mobile application for the U.S. market within the next month. The app, which will work with Apple, Android and Blackberry smart-phones, will use QR codes to allow users to pay from their checking accounds using SVP. Once the QR code for SVP has been scanned by the mobile device, an authentication page will appear where users can enter their online banking information and authorize transactions as they go.

While we’ve also discussed NFC payments, barcode scanning payments are becoming popular since many mobie device currently on the market don’t contain NFC chips. When Starbucks released their QR-code based mobile payment app, consumers flocked to using it… the app already has over 3 million transactions since its launch only a few monthe ago. In addition to not many phones being equipped with NFC chips, QR codes seem to be more accepted by merchants, as they are easy to print and display, standardized and affordable.

Perhaps NFC is just a bit ahead of its time, but for now, cashless payment systems seem to be preferring QR codes. Do you think QR codes will replace NFC systems for cashless purchasing? Let us know by commenting here or on our facebook or twitter pages.