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What fueled the previous growth in the qr code payments market?

The market size for QR code payments has been witnessing swift expansion in the past few years, with its size expected to increase from $14.74 billion in 2024 to a staggering $17.66 billion in 2025. This calculates to a compound annual growth rate (CAGR) of 19.8%. Such impressive growth during the historical period can be traced back to the QR code’s diversification from the automotive sector to payment arenas, amplified demand for contactless transactions due to the COVID-19 pandemic, incorporation of QR code payments by numerous restaurants, retailers, and merchants, an upsurge in the utilization of smartphones, and enhanced internet connection speeds.

What will be the qr code payments market size in the future?

The QR code payments market size is expected to see rapid growth in the next few years. It will grow to $36.07 billion in 2029 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to increasing adoption of qr code payments, growing preference for contactless payment options among consumers, massive support from smartphone manufacturers and app developers, rapid increase in need for secured and hassle-free transaction services, adoption of qr code payments among merchants. Major trends in the forecast period include adoption of contactless payments, standardized QR code formats, technological advancements, government initiatives and policies, QR code integration with augmented reality and virtual reality.

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What main drivers are fueling expansion in the qr code payments market?

The ascendant importance of digitalization is predicted to boost the expansion of the QR code payments market. Digitalization takes data, information, or tangible items and transitions them into a digital medium that can be swiftly processed, stored, and transferred by computers. Digitalization allows for businesses to offer custom-made and expedient experiences to their customers via online platforms, mobile applications, and digital services, thereby enhancing customer satisfaction and retention. QR code payments become instrumental in digitizing financial transactions and provide improved accessibility, user-friendliness, and security. They also endorse contactless interactions, financial inclusion, and integration with other digital services. As per a report released by gov.UK, a UK-centric government website, in February 2024, it was tentatively estimated that the digital sector added a value of $171.25 million to the UK economy in 2022, constituting 7.2% of the total UK Gross Value Added (GVA). This presents a minor rise from 7.1% in 2021, based on the current pricing situation. Therefore, the escalating relevance of digitalization is propelling the growth of the QR code payments market.

What key areas define the segmentation of the global qr code payments market?

The QR code payments market covered in this report is segmented –

1) By Offering: QR Code Payment As Solution, QR Code Payment As Services

2) By Payment Type: QR Code Payment As Push Payment, QR Code Payment As Pull Payment

3) By Transaction Chanel: QR Code Payment For Face-To-Face, QR Code Payment For Remote

4) By End User: QR Code Payment For Restaurant, QR Code Payment For Retail And E-Commerce, QR Code Payment For E-Ticket Booking, QR Code Payment For Others

Subsegments:

1) By Qr Code Payment As Solution: Qr Code Payment Gateways, Qr Code Payment Software, Mobile Payment Applications (Qr Code-Enabled), Point-Of-Sale (Pos) Systems With Qr Code Integration, Qr Code Generation Tools

2) By Qr Code Payment As Services: Payment Processing Services, Merchant Onboarding And Setup Services, Transaction Verification Services, Security And Fraud Prevention Services, Customer Support Services

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Who are the key firms paving the way for growth in the qr code payments market?

Major companies operating in the QR code payments market are Apple Inc., Google LLC, Samsung Electronics Co., Alibaba Group Holdings Ltd., Tencent Holdings Ltd., Barclays Plc, PayPal Holdings Inc., Yandex, Sberbank AG, Revolut Ltd., Safaricom, Square Inc., Grab Holdings Inc., ACI Worldwide Inc., GoTo Group, Ping An Healthcare and Technology Company Limited, Clover Network Inc., N26 Inc., PayMaya Inc., Venmo, Monzo Bank Ltd., UnionPay International Co. Ltd, PaymentCloud, Mynt, Ecentric Payment Systems Ltd.

What are the key trends shaping the future of the qr code payments market?

Leading corporations in the QR code payments industry are prioritizing the creation of novel solutions such as offline QR code-powered systems to improve transaction convenience in locations with limited or no internet connection. The term “offline QR code system” relates to QR code tech that can be scanned and utilized without the necessity for an online link. For instance, CRED, a tech firm from India, initiated its offline UPI-based Scan and Pay in April 2024. This fresh offline UPI-based ‘Scan and Pay’ service enables consumers to scan QR codes and make payments straight from their bank accounts specifically at certain merchant establishments. This service is designed to meet the needs of upscale retail establishments such as supermarkets and fashion stores, providing various payment device alternatives for merchants.

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Which regions are most influential in expanding the qr code payments market?

Asia-Pacific was the largest region in the QR code payments market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the QR code payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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