QR Code Payments Global Market Report 2024

The QR code payments market size has grown rapidly in recent years. It will grow from $12.33 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth observed during the historic period can be attributed to several factors, including the expansion of QR codes beyond the automotive industry into payment sectors, increased demand for touchless transactions during the COVID-19 pandemic, adoption of QR code payments by restaurants, retailers, and merchants, increased use of smartphones, and faster internet connectivity.

The QR code payments market size is expected to see rapid growth in the next few years. It will grow to $30.2 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The projected growth in the forecast period can be attributed to several factors, including increasing adoption of QR code payments, a growing preference for contactless payment options among consumers, massive support from smartphone manufacturers and app developers, rapid increase in the need for secure and hassle-free transaction services, and adoption of QR code payments among merchants. Key trends expected during this period encompass the adoption of contactless payments, standardized QR code formats, technological advancements, government initiatives and policies, and QR code integration with augmented reality and virtual reality.

The QR code payments market is set to experience significant growth due to the increasing importance of digitalization. Digitalization involves converting information, data, or physical objects into a digital format that computers can process, store, and transmit efficiently. It allows businesses to offer personalized and convenient experiences to customers through online platforms, mobile apps, and digital services, leading to improved customer satisfaction and retention. QR code payments play a crucial role in the digitalization of financial transactions by enhancing accessibility, convenience, and security. They also support contactless interactions, financial inclusion, and integration with other digital services. For instance, a report from the gov.UK website in February 2024 indicated that the digital sector contributed $171.25 million to the UK economy in 2022, representing 7.2% of the total UK gross value added (GVA), highlighting the growing impact of digitalization.

Major companies in the QR code payments market are focusing on developing innovative products such as dynamic QR codes to advance the payment ecosystem. Dynamic QR codes, which can be updated in real-time, offer more flexibility and customization in transactions. For example, in February 2021, Revolut Ltd. introduced its dynamic QR code payment solution, allowing merchants to create and manage QR codes for various payment scenarios. This solution offers customizable QR codes, real-time updates, and enhanced security, simplifying payment processes and improving customer experience. The introduction of dynamic QR codes by Revolut marked a significant advancement in the digital payment landscape, ensuring accurate and error-free reconciliation.

In December 2021, Bitly, a Germany-based software company, acquired Egoditor to strengthen its position as a comprehensive SaaS platform for digital experience solutions. Egoditor, also based in Germany, specializes in mobile app development, UI/UX design, backend development, API integration, and app store optimization (ASO), including QR code payments. This acquisition aligns with Bitly's goal of providing a wide range of digital solutions to its customers.

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.

Asia-Pacific was the largest region in the QR code payments market in 2023. 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.

The countries covered in the QR code payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quick Response (QR) code payment involves the scanning of a QR code with a mobile device to securely and conveniently transfer funds between accounts, commonly utilized for retail purchases, bill payments, and peer-to-peer transfers. The applications of QR code payment include facilitating retail purchases, enabling bill payments, supporting peer-to-peer transfers, streamlining donations to charitable causes, providing access to public transportation services, and enhancing contactless transactions in various industries such as hospitality and healthcare.

The primary offerings of QR code payments consist of QR code payment solutions and QR code payment services. QR code payment solutions utilize QR codes to facilitate secure, contactless financial transactions between customers and merchants. Various payment types include QR code payment as push payment, QR code payment as pull payment, with various transaction channels such as QR code payment for face-to-face and QR code payment for remote transactions. These are utilized by various end-users such as restaurants, retail and e-commerce establishments, e-ticket booking platforms, and others.

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

The QR code payments market consists of revenues earned by entities by including merchant services, peer-to-peer payment services, and inventory management. The market value includes the value of related goods sold by the service provider or included within the service offering. The QR code payments market also includes sales of consumer payment apps and tools. 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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