The total number of QR code payment users will exceed 2.2 billion in 2025, up from 1.5 billion in 2020, equating to 29 per cent of all mobile phone users across the world in 2025.
The figures are contained in a report from Juniper Research.
It predicts that much of this growth will be within emerging markets, where weak card infrastructure creates a strong opportunity. However, the research also found that the US will see a strong growth of 240 per cent in user numbers between 2020 and 2025, as QR code payments tap into the need for cashless payments stimulated by the pandemic. The research identified PayPal’s rollout of QR payments and its partnership with CVS as key drivers of the renaissance of QR payments within the US market.
Called QR Code Payments: Key Opportunities, Regional Analysis & Market Forecasts 2021-2025, the report argues 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 $US2.7 trillion globally in 2025.
According to research author Nick Maynard, “QR code payments have low acceptance costs versus contactless payments, meaning that they are highly competitive and appealing to retailers in emerging markets, which lack card infrastructure. However, the low costs mean that accepting QR codes alongside cards is also viable. Partnerships in developing markets will be critical to driving QR adoption.”
National QR code payment schemes driving growth
The research found that national QR code payment standards, such as SGQR in Singapore, will be major accelerators to the growth of QR code payments. By 2025, national QR code payment schemes will account for 22 per cent of all QR code payments by volume, compared with just eight per cent in 2020. The research recommends that national regulators make QR schemes a priority, to ensure widespread digital payments adoption and interoperability of payment methods.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.