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2021

QR Codes Payment Market

QR Codes Payment Market Size, Share, Competitive Landscape and Trend Analysis Report by Offering, Payment Type, Transaction Channel and End User : Global Opportunity Analysis and Industry Forecast, 2021-2030

BI : IT in BFSI

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Author's: Aarti Goswami| Pramod Borasi | Onkar Sumant
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QR Codes Payment Market Outlook – 2030 

The global QR codes payment market size was valued at $8.07 billion in 2020, and is projected to reach $35.07 billion by 2030, growing at a CAGR of 16.1% from 2021 to 2030.

A Quick Response (QR) code is a two-dimensional code that is capable of 360-degree (omni-directional) high-speed reading and stores a larger amount of information per unit area. It has a pattern of black squares that are arranged on a square grid with a white background and imaging devices, such as smartphone cameras, that can be used to read these QR codes. While scanning a QR code, the horizontal and vertical patterns of the matrix are decoded by the software on smartphone and are further converted into a string of characters. Depending on the command of those characters, the smartphone opens a browser link, confirms payment information, and verifies geolocation. 

QR-Codes-Payment-Market,-2021-2030

Grocery providers and retailers are gradually launching their QR code payment through which customers can shop by conducting contactless payments and rapid demand for fast & hassle-free transaction services acts as the key driving forces of the QR codes payment market. In addition, massive adoption of QR code payment among merchants and rise in usage of smartphones & surge in faster connectivity have enabled retailers and customers to receive and make QR code payments via their smartphones, which propel the growth of the market. 

However, rising data breaches and security issues in QR codes payments market hamper the growth of the market. On the contrary, developing economies offer significant opportunities for QR codes payment companies to expand their offerings due to factors such as growth in middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation. Moreover, there is increasing adoption of QR codes payment methods among merchants as it allows their consumers to scan code where the system will automatically detect fraud. Therefore, these developments and initiatives toward digitalized payments sector are anticipated to provide a potential growth opportunity for the QR codes payment market.

The report focuses on growth prospects, restraints, and trends of the QR codes payment market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the QR codes payment market outlook.

QR Codes Payment Market
By Offering
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Solution segment accounted for the highest market share in 2020

Segment Review

The QR codes payment market is segmented into offering, payment type, transaction channel, end user, and region. Based on offering, the market is divided into asset solution and services. The solution segment is further segmented into static QR code and dynamic QR code. The static QR code segment is bifurcated into merchant-presented mode (MPM) and customer-presented mode (CPM). The services segment is divided into professional services and managed services. Depending on payment type, the market is segregated into push payment and pull payment. On the basis of transaction channel, it is classified into face-to-face and remote. The end users covered in the study include restaurant, retail & e-commerce, e-ticket booking, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

QR Codes Payment Market
By End User
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E-ticket booking segment is projected as one of the most lucrative segments.

Competitive Analysis 

The report analyzes the top QR codes payment companies operating in the market such as Alibaba.com, Barclays, Google, LINE Pay Corporation, One97 Communications Limited (Paytm), PayPal, Revolut Ltd, Square, Inc., Tencent, and UnionPay International Co. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the QR codes payment industry.  

QR Codes Payment Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific would exhibit the highest CAGR of 18.7% during 2021-2030

COVID-19 Impact Analysis

COVID-19 pandemic has a significant impact on the QR codes payment industry, owing to increase in usage and adoption of online & digitalized payment methods among consumers globally. Moreover, banks and fintech industries are providing their customers with options of QR code payments to speed up their transaction process and enhance digitalized payments in the market. This, in turn, has become one of the major growth factors for the market during the global health crisis.

Top Impacting Factors

Massive Adoption of QR Code Payments Among Merchants 

Several businesses engaging in providing a wide range of goods are increasingly providing QR codes payment market options to their customers. For instance, in China, the merchant generates both the invoice of a particular amount & the QR code and displays the QR code on the screen of the smartphone. In addition, the customer scan to pay the merchant via generated QR code from their mobile wallet application. Furthermore, millennials are the major target customer segments for merchants, as they largely use smartphones for making purchases, which propels the growth of the QR codes payment market. 
Consumers are gradually opting for digitalized payments while purchasing a number of goods & services, such as apparel & accessories, groceries, health & beauty, computer & electronics, and books, owing to ease of making payments. For instance, a study conducted by PayPal in 2020 projected that 57% of consumers prefer merchants’ digital payment options while shopping from stores. Therefore, this growing preference among consumers for contactless payments and massive adoptions of PayPal QR code payments channel among merchants drive the market growth.   

Surge in Adoption of QR Codes Payment Services in Emerging Countries

Emerging economies, such as India and China, have high penetration of smartphones along with increasing 3G and 4G connectivity users. In addition, both the countries account for more than one-third of the world’s population, thus posing maximum market potential for QR codes payment market. It is anticipated that approximately 90% of the population under the age of 30 years reside in these emerging markets. Growth in middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation would increase the consumption rate in emerging economies, thus leading to the QR codes payment market growth. 

For instance, according to Scantrust SA, which designs & develops enterprise software, projected that 67% of Singaporeans made mobile payments via QR code in 2018 and are expected to grow exponentially in the coming years. Emerging markets are still not well equipped with financial services, and the geographical reach of financial institution in remote locations is limited. However, over the past few years, the evolvement of technology and innovations has made it financially viable for merchants, banks, & financial institutions to provide QR codes payment market options in emerging markets. Kenya is among the emerging markets, where approximately two-thirds of the adult population either receive or make payment through their mobile phones, thus reflecting the growth of the QR codes payment market in emerging economies.  

Key Benefits for Stakeholders 

  • The study provides in-depth analysis of the global QR codes payment market share along with current trends and future estimations to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the global QR codes payment market are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the market.
  • An extensive analysis of the key segments of the industry helps to understand the QR codes payment market trends.
  • The quantitative analysis of the global QR codes payment market forecast from 2021 to 2030 is provided to determine the market potential. 

Key Market Segments

By Offering

  • Solution
    • Static QR Code
      • Merchant-Presented Mode (MPM) 
      • Customer-Presented Mode (CPM)
    • Dynamic QR Code
  • Services
    • Professional Services
    • Managed Services

By Payment Type

  • Push Payment
  • Pull Payment  

By Transaction Channel

  • Face-to-Face
  • Remote

By End User

  • Restaurant
  • Retail & E-Commerce
  • E-Ticket Booking
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe 
  • Asia-Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific   
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

Key Market Players

  • Alibaba.com
  • Barclays
  • Google
  • LINE Pay Corporation
  • One97 Communications Limited (Paytm)
  • PayPal
  • Revolut Ltd 
  • Square, Inc.
  • Tencent
  • UnionPay International Co. Ltd  

QR Codes Payment Market Report Highlights

Aspects Details
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By Offering
  • Solution
    • Static QR Code
      • Merchant-Presented Mode (MPM)
      • Customer-Presented Mode (CPM)
    • Dynamic QR Code
  • Services
    • Professional Services
    • Managed Services
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By Payment Type
  • Push Payment
  • Pull Payment
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By Transaction Channel
  • Face-to-Face
  • Remote
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By End User
  • Restaurant
  • Retail & E-Commerce
  • E-Ticket Booking
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

.Barclays, PayPal Holdings Inc., Tencent, Revolut Ltd, Square, Inc., UnionPay International Co. Ltd, LINE Pay Corporation, One97 Communications Limited (Paytm), Alibaba.com, Google LLC

Analyst Review

With enabling data driven personalization & enhancing user experience, merchants are increasingly looking to accommodate consumer demand for secure and touch-free transactions via QR code payments. Moreover, consumers continue to use innovative payment technology and even the standard credit cards in replacement of cash. In addition, several key players are enhancing & providing advanced QR codes payment options and offering coupons & promotions by directing customers to a landing page or downloadable coupons, which can be used for their next purchase.

During the COVID-19 health crisis, there’s an increased usage of QR codes payment as it allows customers and employees to better keep their distance & avoid handling potentially contaminated bills or cards. For instance, according to recent QR Codes Payment Tracker report of PYMNTS.com, which is a global leader for data, news, and insights on innovation in payments, projected that in China, 85% of the country’s consumers have leveraged QR codes payment market during the past year. This represents a 6% increase from 2019 and 98% of consumers cite smartphone-enabled transactions as their most commonly used payment options.

The QR codes payment market is fragmented with the presence of regional vendors such as Barclays, PayPal, and Tencent. Some of the key players profiled in the QR codes payment market report include Alibaba.com, Google, LINE Pay Corporation, One97 Communications Limited (Paytm), Revolut Ltd, Square, Inc., and UnionPay International Co. Ltd. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for QR codes payment across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.

Author Name(s) : Aarti Goswami| Pramod Borasi | Onkar Sumant
Frequently Asked Questions?

The QR Codes Payment Market is estimated to grow at a CAGR of 16.1% from 2021 to 2030.

The QR Codes Payment Market is projected to reach $35.07 billion by 2030.

To get the latest version of sample report

Massive Adoption of QR Code Payments Among Merchants & Surge in Adoption of QR Codes Payment Services in Emerging Countries.

The key players profiled in the report include Alibaba.com, Barclays, Google, LINE Pay Corporation, and many more.

On the basis of top growing big corporations, we select top 10 players.

The QR Codes Payment Market is segmented on the basis of offering, payment type, transaction channel, end user, and region.

E-Ticket Booking segment would grow at a highest CAGR of 19.3% during the forecast period.

Asia-Pacific region will dominate the market by the end of 2030.

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QR Codes Payment Market

Global Opportunity Analysis and Industry Forecast, 2021-2030