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.
Sizing and Forecast
The QR code payments market size has grown rapidly in recent years. It will grow from $12.33 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. 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 $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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market 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.
Key Industry Players
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.
The qr code payments market report table of contents includes
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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