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 QR code payment

QR Code Payment Market to be Worth $33.13 Billion by 2030

The global QR code payment market size is expected to reach USD 33.13 billion by 2030, growing at a CAGR of 16.9% from 2023 to 2030, according to a new report by Grand View Research, Inc.

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QR code payment offers a simple interface for quick money transactions anywhere and at any time. QR code payment methods are considered fast, versatile, and secure in comparison to traditional payment methods.

Key Industry Insights & Findings from the report:

  • The solution segment is expected to witness significant growth over the forecast period. Increasing demand for secure mobile payment and mobile wallet solutions from businesses and service professionals is propelling the solution segment growth.
  • The dynamic QR code segment dominated the market in 2022. Dynamic QR codes have become increasingly popular in recent years due to their versatility and convenience. Dynamic QR codes can be easily scanned using a mobile device, making them a convenient option for customers to access information or complete a transaction.
  • The push payment segment accounted for the largest revenue share in 2022. The push QR code payment method has been gaining popularity in recent years as it is a secure way to make payments since it requires authentication from the customer’s bank through a push notification. This helps to prevent fraud and unauthorized transactions.
  • The face-to-face segment dominated the market in 2022. Increasing face-to-face transactions owing to its benefits, such as improved convenience, security, and efficiency, is boosting the growth of the segment.
  • The restaurant segment accounted for the largest revenue share in 2022. The concerns about hygiene and a need to reduce contact between restaurant staff members and guests are expected to drive the adoption of QR code payment methods.
  • The Asia Pacific region dominated the market in 2022. The increasing adoption of QR code payment solutions in countries such as ChinaIndiaVietnamSingapore, and the Philippines is projected to drive regional market growth.

QR Code Payment Market Growth & Trends

An increasing number of smartphone and internet users and rising demand for smart alternatives to traditional payment methods such as bank cards or cash is boosting the QR code payments industry’s growth. For instance, as per the Groupe Speciale Mobile Association’s (GSMA) The State of Mobile Internet Connectivity Report 2021, by the end of 2020, 51% of the population across the world, or more than 4 billion individuals, were using mobile internet, a rise of 225 million since the end of 2019. In addition, worldwide, smartphones held 68% of entire mobile connections in 2020, compared to 64% in 2019 and 47% in 2016.

The volumes of digital payment transactions were already witnessing a rise owing to the growth of e-commerce. Furthermore, the increasing government initiatives to digitize payments are further expected to create market growth opportunities. For instance, in August 2020, the government of Andhra Pradesh, India, launched an initiative to drive financial inclusion and promote digital payments in rural areas to encourage and allow citizens to make and receive cashless payments using QR codes.

Furthermore, COVID-19 has brought numerous changes in the payments industry, including the adoption of mobile payment solutions. The demand for QR code payment solutions has increased post-COVID-19 as these solutions help prevent direct contact with any external system like the Point of Sale (POS) of the retailer. In addition, rapid growth in the e-commerce sector during the COVID-19 period also increased the demand for QR code mobile payments.

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Some prominent players in the global QR code payment market include:

  • PaymentCloud
  • Clover Network, LLC
  • Revolut Technologies Inc.
  • Nearex Pte Ltd.
  • ACI Worldwide
  • Ecentric Payment Systems
  • Block, Inc. (Square)
  • UnionPay International
  • LINE Pay Corporation
  • PayPal, Inc.

 

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