Global Quick Response (QR) Codes Payment Market Size Forecast 2024 - 2033
17 Dec, 2024
What Is The Definition Of The Global Quick Response (QR) Codes Payment Market?
Quick response (QR) code payment is a contactless payment method where users scan a QR code using their smartphone to initiate a transaction. This code contains payment information that links to a specific merchant or service, enabling secure and swift financial exchanges. QR code payments are widely used for their convenience and ease of use in various retail and online environments.
Quick Response (QR) Codes Payment Global Market Report 2024 provides data on the global quick response (qr) codes payment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The quick response (qr) codes payment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Quick Response (QR) Codes Payment Market Size Expected To Change, And What Are The Growth Rate Projections?
The market for QR code-based payments has grown significantly in recent years, expanding from $11.79 billion in 2023 to $14.02 billion in 2024 at a CAGR of 18.9%. Historical growth has been attributed to rising smartphone usage, the growth of e-commerce, increased digitalization, changing consumer preferences, and supportive regulations. This market is forecasted to grow to $28.20 billion by 2028 at a CAGR of 19.1%. Key drivers include the adoption of contactless payment methods, integration with mobile wallets, and the emergence of new platforms for digital transactions. Future trends involve the rise of cashless societies, QR code-based loyalty programs, their use in menus and ticketing, and applications in identity verification.
Which Drivers Are Accelerating Growth In The Quick Response (QR) Codes Payment Market?
The growing adoption of smartphones is expected to fuel the growth of the QR code payment market. As smartphone use increases due to greater affordability and technological advancements, more consumers are using QR codes to make secure payments by scanning codes at point-of-sale terminals. For instance, in April 2022, the Department of Telecommunications in Vietnam reported that smartphone subscribers increased by 2 million to reach 93.5 million in March 2022, representing 73.5% of the nation's adult population. Therefore, rising smartphone penetration is contributing to the growth of the QR code payment market.
Get Your Free Sample of the Global Quick Response (QR) Codes Payment Market ReportWhat Are The Core Segments Of The Global Quick Response (QR) Codes Payment Market?
The quick response (QR) codes payment market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Payment Type: Push Payment, Pull Payment
3) By Transaction Channel: Face-To-Face, Remote
4) By End-Users: Restaurant, Retail And E-Commerce, E-Ticket Booking, Other End-Users
Which Emerging Trends Are Reshaping The Quick Response (QR) Codes Payment Market Size?
Companies in the QR code payment market are creating innovative tools like dynamic QR code devices to streamline user experiences and encourage broader adoption. In February 2024, SuperUs, an Indian technology company, launched the Dynamic QR Code device to revolutionize digital payments in the region. This device merges cash and digital payment terminals, offering seamless transaction experiences while minimizing costs related to hardware and training, ultimately increasing ROI for businesses.
What Is The Largest Region In The Quick Response (QR) Codes Payment Market?
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.