QR Code Payment Market Report: Mapping the Industry Landscape in 2023
According to a recent FMI report, the QR code payment market size is predicted to reach US$ 11.67 billion in 2023. The adoption of QR code payments is predicted to surpass US$ 55.60 billion by 2033, exhibiting a CAGR of 16.9% between 2023 and 2033.
The market is a fast-expanding area of the digital payments sector, driven by the rising use of smartphones, e-commerce, and the simplicity and security that QR code payments provide. In today’s world, QR codes are a common sight, showing up on everything from product packaging to billboards to restaurant menus. The convenience of accepting payments through a quick code scan is luring more customers and business owners alike.
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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Innovative Transactions: Exploring the Dynamics of QR Codes in the Payment Market
Rapid increase in need of secured & hassle-free transaction services and adoption of QR code payments among merchants drive the growth of the global QR codes payment market. With increased usage in the automotive industry for production, tracking, and shipping, QR codes expanded beyond the automotive industry and are gaining momentum in the payment sectors. As it allows transactions to be touchless, the demand for QR codes payment has emerged as a permanent tech fixture from the beginning of coronavirus pandemic. Restaurants, retailers, and merchants are the largest end user segments that adopted QR code payments method in their existing businesses.
According to the report published by Allied Market Research, the global QR codes payment market generated $8.07 billion in 2020, and is anticipated to reach $35.07 billion by 2030, manifesting a CAGR of 16.1% from 2021 to 2030. The report focuses on an in-depth analysis of the key drivers, restraints, and opportunities of the market with thorough impact.
A massive acceptance and use of QR code payment among merchants and buyers and increase in the use of smartphones along with faster internet connectivity have propelled the growth of the global QR codes payment market. However, rise in data breaches and security issues in QR codes payments affect the growth of the market. Contrarily, developing economies offer opportunities for QR code payment companies to extend their offerings on the ground of rise in middle-class population, rapid urbanization, increase in literacy level, and growth in presence of tech-savvy youth generation. These factors would open up new doors of opportunities.
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Covid-19 Scenario:
With the rapid spread of the Covid-19 across the world, the usage and adoption of a QR code payment system has been increased among consumers worldwide.
Sectors across the economy, including government and healthcare organizations, are relying on QR payment as it caters to the contactless-service norms.
The use of digital payment systems such as QR can be seen significantly growing among the population below 30 years old.
Banks and fintech industries are offering options of QR code payments to speed up their transaction processes and boost digitalized payments. Restaurants and diners are one of the biggest adopters of the QR code payment.
The report offers detailed segmentation of the global QR codes payment market based on offering, payment type, transaction channel, end-user, and region.
Based on offering, the solution segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain its leading position during the forecast period. On the other hand, the service segment is anticipated to witness the highest CAGR of 18.0% from 2021 to 2030.
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Based on payment type, the push payment segment contributed to the largest share in 2020, accounting for more than three-fourths of the global QR codes payment market, and is expected to maintain the dominant position during the forecast period. However, the pull payment segment is estimated to manifest the highest CAGR of 18.4% throughout the forecast period.
Based on region, Asia Pacific contributed to the highest share in 2020, holding more than one-third of the total share, and is expected to portray the highest CAGR of 18.7% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global QR codes payment market that are analysed in the research include UnionPay International Co. Ltd., Barclays, LINE Pay Corporation, PayPal, Google, Revolut Ltd, Square, Inc., Alibaba.com, One97 Communications Limited (Paytm), and Tencent.
Key Market Segments
By Offering
Solution
Static QR Code
Merchant-Presented Mode (MPM)
Customer-Presented Mode (CPM)
Dynamic QR Code
Services
Professional Services
Managed Services
By Payment Type
Push Payment
Pull Payment
By Transaction Channel
Face-to-Face
Remote
By End User
Restaurant
Retail & E-Commerce
E-Ticket Booking
Others
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