Global spend using QR code payments will reach more than $3 trillion (€2.85 trillion) in 2025, up from $2.4 trillion (€2.28 trillion) this year, according to new findings from Juniper Research.
Increased use of QR codes during the pandemic – such as on COVID-19 travel certificates – has brought the technology into common use over the last couple of years.
According to Juniper Research, the growth of 25% in the QR code payment market over the coming years will be driven by an increased focus on improving the level of 'financial inclusion' in developing regions, as well as providing alternatives to established payment methods in developing markets.
Combined loyalty and payment services via the use of a single QR code is also likely to drive increased adoption, according to the study. It predicts that loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments.
Promoting 'Ease Of Use'
Adoption is likely to be higher in markets that promote ease of use for consumers, with 'increased interoperability being a major enabling factor', according to Juniper Research.
In India, for example, the transaction value of QR code payments is set to nearly double, from $62 billion in 2022 to $125 billion in 2026, driven by national QR code standards and reduced cash usage.
Alipay is named the top QR code payment vendor in the report, having 'built upon its early-mover advantage to create a portfolio of strong features', including loyalty schemes, online payments and food delivery services.
Other top vendors include PayPal, WeChat Pay, Google Pay and UnionPay International. The report recommends that competitors seek to emulate Alipay's strategy to 'create a valuable ecosystem that revolves around QR code payments capabilities, such as loyalty schemes'.
A recent report from Global Payments found that contactless payments grew by 34% in 2020, achieving around five years' worth of growth in one year due to the pandemic.
© 2022 European Supermarket Magazine – your source for the latest technology news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.