Wide Usage of the QR Code Technology Boosts Mobile Wallet Industry Growth

The mobile wallet industry has captured $1,568 billion revenue in 2021, and it is projected to advance at the rate of 23% from 2021 to 2030, to capture $10,097 billion revenue in 2030. It is led by the convenience provided to consumers for easy remote transactions through this technology. It provides consumers with ease in managing their payment accounts and fastens the funds' transfer.

In addition, these wallets are easy to use, and provide users with convenience, as they do not require to be registered. They help in easy access through credit, debit, and internet banking. Moreover, the real-time information on funds and transactions has attracted numerous host retailers and businesses for their adoption and simplifies the monetary transactions for business deals.

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The mobile wallet technology enabled with mobile-proximity payment and near-field communication provides offers convenience to the user. Therefore, the proximity will experience around a 24% rise in the near future. It offers individualized services for payment and online shopping needs.

The devices enabled with NFC provide ease to customers to make payments at the closest (POS), without any requirement for carrying cash or waiting in line for a longer time. Therefore, the convenience provided to customers for managing and accessing the payment accounts provides an opportunity for industry expansion.

The significant revenue share is captured by the QR code technology worldwide, as it facilitates people to initiate transactions and accept and transfer payments. Such, a real-time platform enables the exchange of crucial information within seconds, hence it captures 47% of the industry share.

The wide adoption of the QR code technology is led by the penetration of smartphones, and rising customer demand for simplicity, which can be acquired by the scanning of unique payment codes of sellers.

The wide acceptance of QR codes is ascribed to their rising integration into POS systems and access to high-speed internet.

In addition, corporate employees make small to big cashless transactions. Currently, all types of retailers from small to large have access to QR code scanners, that provide ease in transactions in real-time.

Such technology is capable of accessing user names and other information instantly. A wide number of retailers digitalize payment methods, to acquire transparency during transactions made by customers.

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Under the applications segment, retail and e-commerce applications capture a significant industry share, accounting for 33% share. It is ascribed to the rising acceptance of mobile wallets among online channels and retailers. Retailers concentrate on contactless payment technologies to gain real-time consumer purchase activity data.

APAC captures a significant share of the industry, led by the rising penetration of smartphones and the internet. In addition, the rising adoption of 5G internet connectivity in the region propels the mobile wallet industry.

Therefore, the internet penetration led by the surging usage of smartphones boosts the industry's growth.

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