Currently two forms of mobile technology are leading the charge in the race to for mobile wallet supremacy. The major players in the field are currently focused on leveraging either QR codes or NFC technology in their efforts to replace your current credit card, with their mobile payment application.
Merchant Warehouse recently worked with NowSourcing to provide a brief overview comparing these two competing technologies, looking at their main value adds as well as which technology seems to be gaining the most traction today.
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Quick Response Codes
Near Field Communication
NFC and QR Code Usage
QR code usage is also growing, but the percentage of smart phone owners who use this technology for financial transactions is declining. Between 2011 and 2014, the number of mobile barcode users went from 21.2 million to 38.5 million, with nearly 16 percent of the adult population using them today.
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Mobile Players Leveraging QR Codes / NFC in the Battle for your Mobile Payments
This is a national mobile commerce venture that is backed by AT&T, T-Mobile and Verizon, but it is currently only available in a few places in Texas. It manages credit and debit cards as well as loyalty cards and special offers through an app. Payments can be made through an NFC terminal.
The popular and established financial website allows individuals to pay through a mobile app or using an NFC terminal. People are also able to take credit card payments through a device that connects to their smart phone.
Another established player in the mobile financial market, payments are made through an NFC terminal, and a variety of debit and credit cards can be used as payment with the cloud-based version.
Pulse and Bank of America are both working with this mobile wallet and payment platform, and it uses QR codes to store credit and debit card information on a secure sever. The system works with both Android and iOS platforms.
This mobile payment system associates a debit or credit card with a QR code, and it works with iPhone, Android, Blackberry devices.