The volume of QR payments to surge over the forecast period
Juniper Research has found that the total number of users making payments via QR codes will surpass 2.2 billion in 2025, up from 1.5 billion in 2020. It will account for 29% of all mobile phone users in 2025.
Much of this growth will come from emerging markets, where weak card infrastructure creates great opportunities. The study also found that the US will see a strong 240% increase in user numbers between 2020 and 2025 as QR code payments eliminate the need for cashless payments.
The study found that PayPal’s adoption of QR payments and its partnership with CVS are key drivers of the resurgence of QR payments in the US market.
This study has shown that QR codes’ ability to combine payments and loyalty makes them ideal for retailers, who are looking to influence valuable transaction data. The low cost of these solutions will allow increasing the volume of payments using QR codes worldwide to more than $ 2.7 trillion by 2025.
Besides, national QR code payment standards such as Singapore’s SGQR will become major accelerators of QR code payments growth. National QR code payment schemes will account for 22% of all QR code payments by 2025, it’s up from 8% in 2020. The study recommends that national regulators prioritize QR schemes to ensure widespread adoption of digital payments and incompatibility of payment methods.
We’ve reported that payment system operators in India could no longer issue new proprietary QR codes for mobile payment.