The QR code payment market is expected to grow until 2033. According to the report, the market is expected to exceed US$ 11.67 billion by 2023. According to analysts, the adoption of QR code payment will grow 4.8X and surpass US$ 55.60 billion by 2033. According to market statistics, the QR code payment market will grow at a CAGR of 16.9% between 2023 and 2033.
The market is a rapidly growing segment of the digital payments sector, driven by increased smartphone use, e-commerce, and the convenience and security that QR code payments provide. QR codes are ubiquitous in today’s world, appearing on everything from product packaging to billboards to restaurant menus. The ease of accepting payments with a quick code scan is enticing both customers and business owners.
QR codes are easy to integrate into existing point-of-sale systems. This allows businesses to accept QR code payments without investing in costly new equipment. The ability to improve digital transaction security and efficiency is a significant opportunity in the QR code payment industry. The payment process can be streamlined, and mistakes can be avoided.
Request a Sample of This Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-16904
QR codes are also easily encrypted, which helps to prevent fraud and unauthorized access. Furthermore, QR code payments can be quickly linked with other electronic payment methods, such as mobile wallets, to create a smooth and secure payment experience. QR codes have emerged as a critical technology in response to the increased demand for quick and secure digital payment methods brought on by e-commerce and online shopping.
The QR code payment market is primarily focused on simplifying and streamlining the payment process for both consumers and merchants. This includes efforts to improve the acceptability, usability, and security of QR code payments. For example, there has been a push to standardize QR code formats in order to eliminate imprecision and improve compatibility across different 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.
Ask an Analyst@
https://www.futuremarketinsights.com/reports/qr-code-payment-market
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
Request Customization Available @
https://www.futuremarketinsights.com/customization-available/rep-gb-16904
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse Other Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
