NFC v QR Code Mobile E-payments

The largest telecommunication service provider in Taiwan and one of the largest in Asia in terms of revenue has launched a QR Code mobile e-payment service.

Chunghwa Telecom in cooperation with eight local credit card issuing banks and a number of retail stores and service providers hopes to reach one million users of the e-payment service within a year. The company say that the system is totally secure, takes only three steps and is completed in less than 30 seconds. Using the banks “QR Buckle” app the consumer scans a QR Code provided by the store and then simply selects which credit card they would like to use for payment to complete the purchase.

The bank says the application will be used for purchases in-store or online, from catalogs and posters, TV shopping, taxis and airlines and even automatic vending machines. The “QR Buckle” app is currently available only for Android (2.3 or later) but the bank says that iOS and Windows Phone versions are in the pipeline.

I am not sure how an NFC payment method can do better than this, any thoughts? How will mobile e-payments develop?

First screen shot of the QR Buckle app
Second screen shot of the QR Buckle app
Third screen shot of the QR Buckle app
Fourth screen shot of the QR Buckle app

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