QR code payments are also less secure than NFC payments. Payments made through QR codes in the POS context may be less preferred by those making and accepting payments, perhaps due to difficulty of use compared to NFC. than making payments using NFC technology. While the use of quick response (QR) codes to make POS payments is growing, it is currently less popular in the U.S.As adoption of contactless payments on mobile phones continues to increase, these two companies, and the business models and choices they employ, will have profound impacts on the competitiveness of the payments market and the future of open banking. Apple and Google dominate the smartphone operating system market.This growth is expected to continue-analysts estimate that the value of digital wallet tap-to-pay transactions will grow by over 150 percent by 2028. as NFC technology has become more commonly included in both mobile devices and payment terminals. Use of tap-to-pay at the POS continues to rise in the U.S. These are often referred to as “contactless” payments or “tap-to-pay.” This technology makes it possible to make contactless payments using a mobile device and a checkout terminal.
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