According to a recent FMI research, the QR code payment Market is expected to reach US$ 11.67 billion by 2023. The usage of QR code payments is expected to exceed $55.6 billion by 2033, with a CAGR of 16.9% between 2023 and 2033.
The Rise of QR Code Payments:
QR code payments have gained tremendous popularity, and for good reason. They offer a simple, secure, and convenient way to transfer money, make purchases, and conduct financial transactions. QR codes can be scanned using a smartphone, making them accessible to a wide range of users, regardless of their tech-savviness.
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QR codes can also be readily encrypted to prevent fraud and unauthorized access. Moreover, QR code payments can be quickly connected with other electronic payment methods, including mobile wallets, to produce a smooth and secure payment experience. In response to the increased need for quick and secure digital payment methods brought on by e-commerce and online shopping, QR codes have developed as a vital technology.
Major Players Listed in this Report are:
- PayPal Holdings Inc.
- Google LLC
- UnionPay International Co. Ltd
- LINE Pay Corporation
- Barclays
- Revolut Ltd
- Tencent
- Square, Inc.
- Alibaba.com
- Ecentric Payment Systems
- One97 Communications Limited (Paytm) & Others
Key Takeaway from QR Code Payments Market Study
- Within the QR code payments ecosystem, push payments emerge as a dominant force. This section is distinguished by real-time, one-way payments initiated by the payer. The ease and immediacy of push payments contribute greatly to the overall rise of QR code payments, particularly in situations when rapid settlement is required.
- Another important growth factor is the widespread use of QR code payments in the retail and e-commerce industries. Businesses in these areas are rapidly incorporating QR code payment alternatives, using the frictionless transaction experience they provide. The convenience of making transactions quickly and securely is transforming customer behaviors, propelling QR code payments to the forefront of the retail environment.
Recent Developments
- In order to improve digital payment choices in the UAE, CCAvenue has launched cutting-edge QR code payment solutions that provide a seamless and secure transaction experience for both companies and consumers. CCAvenue’s launch of QR code payments provides clients in the UAE with a handy way to pay using their smartphones.
- Fonepay and NIPL have launched an innovative QR code payment system as part of a concerted effort to enhance digital payments in Nepal and India. This strategic alliance intends to meet the rising need for quick and secure digital transactions by offering a user-friendly platform to consumers and companies in both nations.
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Key Players
- PaymentCloud
- Paytm
- LINE Pay Corporation
- PayPal, Inc.
- Clover Network, LLC
- Revolut Technologies Inc.
- Nearex Pte Ltd.
- ACI Worldwide
Key Segments in the QR Code Payment Market
QR Code Payment Industry By Offering:
- QR Code Payment as Solution
- QR Code Payment as Services
QR Code Payment Industry By Payment Type:
- QR Code Payment as Push Payment
- QR Code Payment as Pull Payment
QR Code Payment Industry By Transaction Chanel:
- QR Code Payment for Face-to-face
- QR Code Payment for Remote
QR Code Payment Industry By End User:
- QR Code Payment for Restaurant
- QR Code Payment for Retail & E-commerce
- QR Code Payment for E-ticket Booking
- QR Code Payment for Others
QR Code Payment Industry By Region:
- QR Code Payment in North America Market
- QR Code Payment in Europe Market
- QR Code Payment in Asia Pacific Market
- QR Code Payment in Latin America Market
- QR Code Payment in the Middle East & Africa Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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