Quick Response (QR) Codes Payment Global Market Report 2024

The quick response (QR) codes payment market size has grown rapidly in recent years. It will grow from $11.79 billion in 2023 to $14.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The expansion observed during the historical period can be attributed to several factors, including increased smartphone penetration, the proliferation of e-commerce, growing digitalization, shifting consumer preferences, and regulatory support.

The quick response (QR) codes payment market size is expected to see rapid growth in the next few years. It will grow to $28.2 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth in the forecast period can be attributed to the adoption of contactless payments, the integration of QR code technology, the expansion of mobile wallets, the emergence of new payment platforms, and the increasing demand for cashless transactions. Key trends expected in this period include a shift towards cashless societies, the rise of QR code-based loyalty programs, the implementation of QR code menus in restaurants, QR code-based ticketing for events and transportation, and the utilization of QR codes for identity verification.

The anticipated increase in smartphone penetration is poised to drive the expansion of the quick response (QR) codes payment market in the foreseeable future. Smartphone penetration refers to the proportion of individuals within a particular population who own and utilize smartphones, serving as an indicator of the level of smartphone adoption within that demographic or region. The upward trend in smartphone penetration is propelled by factors such as improved affordability, technological advancements, and growing demand for mobile connectivity and features. QR codes are utilized for payments via smartphones by scanning the code displayed at the point of sale, linking to the user's payment app or digital wallet, and facilitating secure transactions. For example, as reported by the Department of Telecommunications under the Ministry of Information and Communications in April 2022, Vietnam recorded 91.3 million smartphone subscribers in 2021. By the end of March 2022, this figure had increased by over 2 million, reaching a total of 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Hence, the escalating smartphone penetration is propelling the growth of the quick response (QR) codes payment market.

Key players within the quick response (QR) code payment market are directing their efforts towards developing innovative products, such as QR code devices, to enhance user experience and expedite adoption. A QR code device refers to a tool or device capable of generating, displaying, or scanning QR codes. For instance, in February 2024, SuperUs, a technology company based in India, unveiled the Dynamic QR Code device, poised to revolutionize digital payments in India. Seamlessly integrating cash and checkout terminals, it offers unparalleled transaction experiences for businesses and customers alike. Positioned as a cost-effective solution, it eliminates upfront expenses on hardware, software, and training, while significantly reducing reconciliation costs, promising substantial returns on investment for businesses.

In December 2023, Klarna Bank AB, a Swedish financial services company specializing in online financial services, forged a partnership with Adyen. This collaboration enables Klarna to leverage Adyen’s acquiring capabilities to streamline card payments for its 150 million consumers and 500,000 retail partners globally. Underlining Adyen's commitment to empowering global enterprises in the digital economy, this partnership provides tools for seamless payments, scalability, and enhanced consumer experiences across diverse markets, sales channels, and business verticals. Adyen, headquartered in the Netherlands, offers QR code payments and end-to-end payment capabilities.

Major companies operating in the quick response (QR) codes payment market are 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., MercadoLibre Inc., Dana Inc., PayU, OVO Energy Ltd., PT Gojek Indonesia, Adyen N.V., Worldpay Inc., Klarna Bank AB, Grab Holdings Inc., Ingenico Group, One 97 Communications Paytm Ltd., Ant Financial Services Group, Payoneer Inc., Verifone Systems Inc., Twint AG, PhonePe Private Limited, Early Warning Services LLC.

Asia-Pacific was the largest region in the quick response (QR) codes payment market in 2023. The regions covered in the quick response (QR) codes payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the quick response (QR) codes payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quick response (QR) code payment is a contactless payment method wherein users scan a QR code using their smartphone to initiate a transaction. This code contains payment information linked to a specific merchant or service, facilitating secure and swift financial exchanges. QR code payments are widely favored for their convenience and ease of use across retail and online environments.

The main offerings of QR code payment include solutions and services. QR code payment solutions encompass digital payment methods utilizing QR codes to enable secure and convenient transactions. These transactions, which include push and pull payments, occur through various transaction channels, such as face-to-face and remote interactions. End users of QR code payments span across sectors such as restaurants, retail outlets, e-commerce platforms, e-ticket booking services, and others.

The quick response (QR) codes payment research report is one of a series of new reports that provides a quick response (QR) codes payment market statistics, including the quick response (QR) codes payment industry's global market size, regional shares, competitors with a quick response (QR) codes payment market share, detailed quick response (QR) codes payment market segments, market trends and opportunities, and any further data you may need to thrive in quick response (QR) codes payment industry. This quick response (QR) codes payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The quick response (QR) codes payment market consists of revenues earned by entities by providing services such as seamless mobile payments, secure transactions, instant fund transfers, transaction history tracking, and loyalty program integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The quick response (QR) codes payment market also includes sales of static quick response (QR) codes and dynamic quick response (QR) codes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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