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

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.

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

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.

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.

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.

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 Even in 2024 there are a lot of outdated smartphones in the market that require installation of a dedicated app for QR reading.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.