With a global acceptance of QR code payments among merchants and buyers and the increase in smartphone usage and faster internet connectivity, the global spending using this transaction method could exceed $3 trillion by 2025, rising 25% from $2.4 trillion in 2022, revealed a Juniper Research report.
Their ability to combine payments and loyalty makes QR code payments ideal for retailers that want to capture transactional data and their low-cost nature.
This growth will be driven by growing financial inclusion in developing regions and alternative payment methods in developed regions, the research firm said in a press release. Juniper also said combining loyalty and payment services in a single QR code is a key strategy for increasing adoption.
The report also foresees that QR code payments could encourage repeat use and foster consumer trust. China’s Alipay, WeChat Pay, UnionPay International, the United States’s PayPal, and Google Pay will dominate the QR space, the report said.
QR codes have become a ubiquitous mechanic for customers’ brand engagement in the Asia Pacific. The report found that adoption is stronger in markets with national programs that incentivize the ease of use for consumers, as well as with increased interoperability.
India holds the most potential as the transaction value of QR code payments is forecast to jump from $62 billion in 2022 to$125 billion by 2026. In China, 50% of users scan QR codes weekly to pay for goods through mobile payment apps Alipay and WeChat.