Emerging markets key as QR code payments space sees major growth
The total number of QR code payment users will exceed 2.2 billion in 2025, up from 1.5 billion in 2020, according to Juniper Research.
That equates to 29% of all mobile phone users across the world in 2025.
Much of this growth will be within emerging markets, where weak card infrastructure is rife.
At the same time, however, the US will see a rise of 240% in user numbers between 2020-2025, as QR code payments tap into the need for cashless payments stimulated by the coronavirus pandemic.
PayPal’s roll-out and its partnership with CVS are key drivers Stateside.
Juniper Research says that QR codes’ ability to combine payments and loyalty make them ideal for retailers seeking to leverage valuable transactional data. The low cost nature of these solutions will enable the growth of QR code payments to reach over $2.7 trillion globally in 2025.
Meanwhile, national QR code payment standards, such as SGQR in Singapore, will be major accelerators.
By 2025, national schemes will account for 22% of all QR code payments by volume, compared with just 8% in 2020. National regulators should make QR schemes a priority, to ensure widespread digital payments adoption and interoperability of payment methods, Juniper Research argues.
