The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

The quick response (QR) codes payment market has experienced significant expansion in recent years and is poised for continued growth.

• 2023 Market Size: $11.79 billion
• 2024 Market Size: $14.02 billion
• CAGR (2023-2024): 18.9%
• 2028 Market Size Forecast: $28.20 billion
• CAGR (2024-2028): 19.1%

Drivers of Growth

• Smartphone Penetration: Increased access and use of smartphones.
• E-commerce Rise: Growth in online shopping and transactions.
• Digitalization: Greater adoption of digital technologies.
• Changing Consumer Preferences: Shift towards convenient payment methods.
• Regulatory Support: Policies favoring digital payments.

Future Growth Factors

Several factors are expected to drive future growth in the QR codes payment market:

• Contactless Payments: Rising adoption of contactless payment solutions.
• Integration of QR Code Technology: Enhanced functionality and usability.
• Mobile Wallet Expansion: Increased use of mobile wallets for transactions.
• New Payment Platforms: Emergence of innovative payment solutions.
• Cashless Transactions: Growing demand for cashless payment options.

Read The Full Quick Response (QR) Codes Payment Market Report Here:
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Emerging Trends

Key trends shaping the future of the QR codes payment market include:

• Shift to Cashless Societies: Increasing preference for digital payments over cash.
• QR Code-Based Loyalty Programs: Use of QR codes for customer rewards.
• QR Code Menus in Restaurants: Digital menus enhancing dining experiences.
• QR Code-Based Ticketing: Streamlined event and transportation ticketing.
• Identity Verification: Utilization of QR codes for secure identity verification.

Smartphone Penetration Fuels Market Growth

The increasing penetration of smartphones is a significant driver of QR codes payment market growth:

• Affordability and Technology: More affordable smartphones with advanced features.
• Mobile Connectivity: Growing demand for mobile connectivity and functionality.
• Payment Utilization: QR codes facilitate secure and convenient payments via smartphones.

Market Statistics

• Vietnam Smartphone Growth: In 2021, Vietnam had 91.3 million smartphone subscribers, increasing to 93.5 million by March 2022, covering 73.5% of the adult population.

Major Market Players

Leading companies in the QR codes payment market include:

• Amazon.com Inc.
• Apple Inc.
• Google LLC
• Samsung Electronics Co. Ltd.
• Alibaba Group Holding Limited
• Tencent Holdings Limited
• PayPal Holdings Inc.
• Fiserv Inc.
• Square Inc.
• Stripe Inc.
• Grab Holdings Inc.
• Ingenico Group
• Payoneer Inc.
• Verifone Systems Inc.
• Twint AG
• PhonePe Private Limited
• Early Warning Services LLC

Innovative Solutions Driving Market Growth

Innovation in QR code technology is enhancing market growth:

• Dynamic QR Code Device: In February 2024, SuperUs launched a device transforming digital payments in India by merging cash and checkout terminals, reducing costs and enhancing transaction experiences.

Strategic Partnerships Enhancing Global Solutions

Partnerships are playing a crucial role in expanding market capabilities:

• Klarna and Adyen Partnership: In December 2023, Klarna partnered with Adyen to streamline card payments for 150 million consumers and 500,000 retail partners, enhancing global payment solutions.

Market Segmentation

The QR codes payment market is segmented into:

• By Offering:
  • Solution
  • Services
• By Payment Type:
  • Push Payment
  • Pull Payment
• By Transaction Channel:
  • Face-To-Face
  • Remote
• By End-Users:
  • Restaurant
  • Retail and E-Commerce
  • E-Ticket Booking
  • Other End-Users

Regional Insights

• Asia-Pacific: The largest region in the QR codes payment market in 2023, with significant growth prospects in the coming years.

The QR codes payment market is on a robust growth trajectory, driven by technological advancements, increasing smartphone penetration, and evolving consumer preferences. Innovations and strategic partnerships are set to further enhance the market’s expansion and adoption across various regions and sectors.

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The Quick Response (QR) Codes Payment Global Market Report 2024  provides an overview of the quick response (QR) codes payment market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The quick response (QR) codes payment market forecast analyzes quick response (QR) codes payment market size, quick response (QR) codes payment market share, leading competitor and their market positions.

The Table Of Content For The Quick Response (QR) Codes Payment Market Include:
1. Quick Response (QR) Codes Payment Market Executive Summary
2. Quick Response (QR) Codes Payment Market Segments
3. Quick Response (QR) Codes Payment Market Size And Quick Response (QR) Codes Payment Market Growth Rate
4. Key Quick Response (QR) Codes Payment Market Trends
5. Major Quick Response (QR) Codes Payment Market Drivers
……
25. Key Mergers And Acquisitions In The Quick Response (QR) Codes Payment Market
26. Top Quick Response (QR) Codes Payment Companies
27. Quick Response (QR) Codes Payment Market Opportunities And Strategies
28. Quick Response (QR) Codes Payment Market, Conclusions And Recommendations
29. Appendix

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