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Quick Response (QR) Codes Payment Global Market Reach $28.20 Billion at a CAGR of 19.1% By 2028 | Apple Inc., Google LLC, Fiserv Inc., Square Inc., Stripe Inc.
Quick Response (QR) Codes Payment Market
As per the report, the quick response (QR) codes payment market size has grown rapidly in recent years. It will grow from $11.79 billion in 2023 to $14.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The quick response (QR) codes payment market size is expected to see rapid growth in the next few years. It will grow to $28.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
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Smartphone Penetration Fuels Growth In Quick Response (QR) Codes Payment Market
Increasing smartphone penetration is expected to propel the growth of the quick response (QR) codes payment market going forward. Smartphone penetration refers to the percentage of individuals within a specific population who own and use smartphones, indicating the level of smartphone adoption within that group or region. Rising smartphone penetration is driven by increased affordability, technological advancements, and growing demand for mobile connectivity and functionality. Smartphones utilize QR codes for payments by scanning the code displayed at the point of sale, linking to the user's payment app or digital wallet, and facilitating secure transactions. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021. This figure increased by over 2 million at the end of March 2022, resulting in a total of 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the increasing smartphone penetration is driving the growth of the quick response (QR) codes payment market.
Innovative Solutions In Quick Response (QR) Code Payment Enhanced Market Growth
Major companies operating in the quick response (QR) code payment market focused on developing innovative products, such as QR code devices, to enhance the user experience and accelerate adoption. A QR code device is a tool or gadget capable of generating, displaying, or scanning QR codes. For instance, in February 2024, SuperUs, an India-based technology company, launched the Dynamic QR Code device, which is set to transform digital payments in India, seamlessly merging cash and checkout terminals to offer unmatched transaction experiences for businesses and customers. Positioned as a cost-effective solution, it removes the need for upfront expenses on hardware, software, and training. Additionally, it substantially cuts down on reconciliation costs, promising significant returns on investment for businesses.
The quick response (QR) codes payment market covered in this report is segmented -
1) By Offering: Solution, Services
2) By Payment Type: Push Payment, Pull Payment
3) By Transaction Channel: Face-To-Face, Remote
4) By End-Users: Restaurant, Retail And E-Commerce, E-Ticket Booking, Other End-Users
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Major companies operating in the quick response (QR) codes payment market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Tencent Holdings Limited, PayPal Holdings Inc., Fiserv Inc., Square Inc., Stripe Inc., MercadoLibre Inc., Dana Inc., PayU , OVO Energy Ltd., PT Gojek Indonesia , Adyen N.V., Worldpay Inc. , Klarna Bank AB, Grab Holdings Inc., Ingenico Group, One 97 Communications Paytm Ltd., Ant Financial Services Group, Payoneer Inc., Verifone Systems Inc., Twint AG, PhonePe Private Limited, Early Warning Services LLC
Contents of the report:
1. Executive Summary
2. Quick Response (QR) Codes Payment Market Report Structure
3. Quick Response (QR) Codes Payment Market Trends And Strategies
4. Quick Response (QR) Codes Payment Market - Macro Economic Scenario
5. Quick Response (QR) Codes Payment Market Size And Growth
…..
27. Quick Response (QR) Codes Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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