The QR code payments market size is expected to see rapid growth in the next few years. It will grow to $30.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing adoption of qr code payments, growing preference for contactless payment options among consumers, massive support from smartphone manufacturers and app developers, rapid increase in need for secured and hassle-free transaction services, adoption of qr code payments among merchants. Major trends in the forecast period include adoption of contactless payments, standardized QR code formats, technological advancements, government initiatives and policies, QR code integration with augmented reality and virtual reality.
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Scope Of QR Code Payments Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
QR Code Payments Market Overview
Market Drivers –
The growing significance of digitalization is expected to propel the growth of the QR code payments market going forward. Digitalization converts information, data, or physical objects into a digital format that computers can quickly process, store, and transmit. Digitalization enables businesses to provide personalized and convenient experiences to customers through online platforms, mobile apps, and digital services, improving customer satisfaction and retention. QR code payments are a powerful tool in the digitalization of financial transactions that enhance accessibility, convenience, and security while also supporting contactless interactions, financial inclusion, and integration with other digital services. For instance, in February 2024, according to a report published by the gov.UK, a UK-based government website, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA). This represents a slight increase from 7.1% in 2021, based on current prices. Therefore, the growing significance of digitalization is driving the growth of the QR code payments market.
Market Trends –
Major companies operating in the QR code payments market are focusing on developing innovative QR code products, such as dynamic QR codes, to advance the offering of the payment ecosystem. Dynamic QR codes are a type of QR code that can be updated in real-time, allowing for more flexibility and customization in transactions. For instance, in February 2021, Revolut Ltd., a UK-based fintech company, launched its dynamic QR code payment solution, which enables merchants to create and manage their own QR codes for various payment scenarios. This solution offers customizable QR codes, real-time updates, and enhanced security. Revolut’s dynamic QR code solution simplifies payment processes and improves customer experience. The dynamic QR code device ensured accurate and error-free reconciliation, making it a significant step forward in the digital payment landscape.
The QR code payments market covered in this report is segmented –
1) By Offering: Qr Code Payment As Solution, Qr Code Payment As Services
2) By Payment Type: Qr Code Payment As Push Payment, Qr Code Payment As Pull Payment
3) By Transaction Chanel: Qr Code Payment For Face-To-Face, Qr Code Payment For Remote
4) By End User: Qr Code Payment For Restaurant, Qr Code Payment For Retail And E-Commerce, Qr Code Payment For E-Ticket Booking, Qr Code Payment For Others
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Regional Insights –
Asia-Pacific was the largest region in the QR code payments market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the QR code payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the QR code payments market are Apple Inc., Google LLC, Samsung Electronics Co., Alibaba Group Holdings Ltd., Tencent Holdings Ltd., Barclays Plc, PayPal Holdings Inc., Yandex, Sberbank AG, Revolut Ltd., Safaricom, Square Inc., Grab Holdings Inc., ACI Worldwide Inc., GoTo Group, Ping An Healthcare and Technology Company Limited, Clover Network Inc., N26 Inc., PayMaya Inc., Venmo, Monzo Bank Ltd., UnionPay International Co. Ltd, PaymentCloud, Mynt, Ecentric Payment Systems Ltd.
Table of Contents
1. Executive Summary
2. QR Code Payments Market Report Structure
3. QR Code Payments Market Trends And Strategies
4. QR Code Payments Market – Macro Economic Scenario
5. QR Code Payments Market Size And Growth
…..
27. QR Code Payments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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