qr code payments market analysis, qr code payments market demand, qr code payments market growth, qr code payments market trends, qr code payments market data, qr code payments market forecast
How has the qr code payments market evolved, and where is it heading next?
The QR code payments market size has grown rapidly in recent years. It will grow from $14.74 billion in 2024 to $17.66 billion in 2025 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to expansion of qr codes beyond automotive industry into payment sectors, demand for touchless transactions during the COVID-19 pandemic, adoption of qr code payments by restaurants, retailers, and merchants, increased in use of smartphones, faster internet connectivity.
The QR code payments market size is expected to see rapid growth in the next few years. It will grow to $36.07 billion in 2029 at a compound annual growth rate (CAGR) of 19.5%. 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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What have been the primary factors driving the qr code payments market’s growth?
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.
What are the key segments within the qr code payments market?
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
Subsegments:
1) By Qr Code Payment As Solution: Qr Code Payment Gateways, Qr Code Payment Software, Mobile Payment Applications (Qr Code-Enabled), Point-Of-Sale (Pos) Systems With Qr Code Integration, Qr Code Generation Tools
2) By Qr Code Payment As Services: Payment Processing Services, Merchant Onboarding And Setup Services, Transaction Verification Services, Security And Fraud Prevention Services, Customer Support Services
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Which key players are shaping the qr code payments market?
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.
How will emerging trends drive the qr code payments market throughout the forecast period?
Major companies operating in the QR code payments market are focusing on developing innovative solutions such as offline QR code-based systems to enhance transaction accessibility in areas with limited or no internet connectivity. Offline QR code-based systems refer to QR code technology that can be scanned and accessed without requiring an internet connection. For instance, in April 2024, CRED, an India-based technology company, launched offline UPI-based Scan and Pay. A new offline UPI-based ‘Scan and Pay’ service allows users to scan QR codes and pay directly from their bank accounts at select merchant outlets. The service aims to cater to high-end retail stores, including supermarkets and fashion outlets, with different payment device options for merchants.
How do regional factors impact the qr code payments market, and which region is the largest contributor?
Asia-Pacific was the largest region in the QR code payments market in 2024. 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.
What Does The QR Code Payments Market Report 2025 Offer?
The qr code payments market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The quick response (QR) code payment involves scanning a QR code with a mobile device to transfer funds securely and conveniently between accounts, commonly used for retail purchases, bill payments, and peer-to-peer transfers. The uses of QR code payment include facilitating retail purchases, enabling bill payments, supporting peer-to-peer transfers, streamlining donations to charitable causes, providing access to public transportation services, and enhancing contactless transactions in various industries such as hospitality and healthcare.
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