The market size for QR code payments is expected to reach US$11.67 billion in 2023, according to a new FMI analysis. By 2033, it is expected that the adoption of QR code payments would have reached US$ 55.60 billion, with a CAGR of 16.9% between 2023 and 2033.
Due to the increasing use of smartphones, e-commerce, and the convenience and security that QR code payments offer, the market is a rapidly growing part of the digital payments industry. In the modern world, QR codes can be found everywhere, including menus, billboards, and product packaging. More customers and company owners are being drawn in by the ease of collecting payments via a simple code scan.
QR codes are simple to incorporate into current point-of-sale systems. This enables businesses to take QR code payments without having to spend money on pricey new equipment. The ability to increase security and efficiency in digital transactions is a significant opportunity in the QR code payment industry. The payment process can be streamlined and errors can be reduced by using QR.
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QR codes can also be readily encrypted to prevent fraud and unauthorized access. Moreover, QR code payments can be quickly connected with other electronic payment methods, including mobile wallets, to produce a smooth and secure payment experience. In response to the increased need for quick and secure digital payment methods brought on by e-commerce and online shopping, QR codes have developed as a vital technology.
Trends in the QR code payment market are largely focused on simplifying and streamlining the payment process for consumers and merchants alike. This includes initiatives to increase the acceptance, usability, and security of QR code payments. For instance, there has been a push to standardize QR code formats to clear up imprecision and improve compatibility across various payment systems.
Key Takeaways
- Given the widespread use of mobile payments in nations like China, Japan, and India, the Asia Pacific region dominates the QR code payment market.
- The expansion of e-commerce and mobile payment options has made North America a profitable QR code payment market after Asia Pacific.
- In China, QR code payments are accepted widely and have taken over an increasingly popular form of payment, whilst, in the United States, the retail sector is seeing a rise in QR code payments.
- The QR code payment market in India is growing rapidly given the government’s push for digital payments and the increased smartphone penetration.
- Several companies, notably small street sellers, have been using QR code payments in Japan, where the technology has a high acceptance rate.
Competitive Landscape
Market players are heavily spending on research and development to advance their technology and gain market dominance in the QR code payment industry. To satisfy the rising demand for contactless payment choices, they are actively creating and introducing new solutions. Although certain key companies, including Square and PayPal, are adding QR code payment features to their current payment platforms, others, such as Alipay and WeChat Payare increasing their worldwide reach. Additionally, they are focusing on offering personalized and user-friendly services to attract and retain customers.
Recent Developments
- Alipay unveiled a new “Smart Plan” function in February 2022 that enables customers to make installment payments for products using QR codes. By lowering the cost for consumers, this feature aims to increase expenditure.
- WeChat Pay introduced a new function in December 2021 that enables users to divide costs and invoices with friends and family using QR codes. WeChat Pay BuddyPay is a tool that promises to make it simpler for users to manage their shared spending.
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Key Players
- PaymentCloud
- Paytm
- LINE Pay Corporation
- PayPal, Inc.
- Clover Network, LLC
- Revolut Technologies Inc.
- Nearex Pte Ltd.
- ACI Worldwide
Key Segments in the QR Code Payment Market
QR Code Payment Industry By Offering:
- QR Code Payment as Solution
- QR Code Payment as Services
QR Code Payment Industry By Payment Type:
- QR Code Payment as Push Payment
- QR Code Payment as Pull Payment
QR Code Payment Industry By Transaction Chanel:
- QR Code Payment for Face-to-face
- QR Code Payment for Remote
QR Code Payment Industry By End User:
- QR Code Payment for Restaurant
- QR Code Payment for Retail & E-commerce
- QR Code Payment for E-ticket Booking
- QR Code Payment for Others
QR Code Payment Industry By Region:
- QR Code Payment in North America Market
- QR Code Payment in Europe Market
- QR Code Payment in Asia Pacific Market
- QR Code Payment in Latin America Market
- QR Code Payment in the Middle East & Africa Market
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