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QR Code Payments Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
QR Code Payments Market Overview
As per the report, the QR code payments market size has grown rapidly in recent years. It will grow from $12.33 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The QR code payments market size is expected to see rapid growth in the next few years. It will grow to $30.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%.
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Digitalization Drives Growth In QR Code Payments Market
The growing significance of digitalization is expected to propel the growth of the QR code payments market going forward. Digitalization converts information, data, or physical objects into a digital format that computers can quickly process, store, and transmit. Digitalization enables businesses to provide personalized and convenient experiences to customers through online platforms, mobile apps, and digital services, improving customer satisfaction and retention. QR code payments are a powerful tool in the digitalization of financial transactions that enhance accessibility, convenience, and security while also supporting contactless interactions, financial inclusion, and integration with other digital services. For instance, in February 2024, according to a report published by the gov.UK, a UK-based government website, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA). This represents a slight increase from 7.1% in 2021, based on current prices. Therefore, the growing significance of digitalization is driving the growth of the QR code payments market.
Rise of Dynamic QR Code Solutions In The Fintech Landscape
Major companies operating in the QR code payments market are focusing on developing innovative QR code products, such as dynamic QR codes, to advance the offering of the payment ecosystem. Dynamic QR codes are a type of QR code that can be updated in real-time, allowing for more flexibility and customization in transactions. For instance, in February 2021, Revolut Ltd., a UK-based fintech company, launched its dynamic QR code payment solution, which enables merchants to create and manage their own QR codes for various payment scenarios. This solution offers customizable QR codes, real-time updates, and enhanced security. Revolut's dynamic QR code solution simplifies payment processes and improves customer experience. The dynamic QR code device ensured accurate and error-free reconciliation, making it a significant step forward in the digital payment landscape.
The QR code payments market covered in this report is segmented -
1) By Offering: Qr Code Payment As Solution, Qr Code Payment As Services
2) By Payment Type: Qr Code Payment As Push Payment, Qr Code Payment As Pull Payment
3) By Transaction Chanel: Qr Code Payment For Face-To-Face, Qr Code Payment For Remote
4) By End User: Qr Code Payment For Restaurant, Qr Code Payment For Retail And E-Commerce, Qr Code Payment For E-Ticket Booking, Qr Code Payment For Others
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Major companies operating in the QR code payments market are Apple Inc., Google LLC, Samsung Electronics Co., Alibaba Group Holdings Ltd., Tencent Holdings Ltd., Barclays Plc, PayPal Holdings Inc., Yandex, Sberbank AG, Revolut Ltd., Safaricom, Square Inc., Grab Holdings Inc., ACI Worldwide Inc., GoTo Group, Ping An Healthcare and Technology Company Limited, Clover Network Inc., N26 Inc., PayMaya Inc., Venmo, Monzo Bank Ltd., UnionPay International Co. Ltd, PaymentCloud, Mynt, Ecentric Payment Systems Ltd.
Contents of the report:
1. Executive Summary
2. QR Code Payments Market Report Structure
3. QR Code Payments Market Trends And Strategies
4. QR Code Payments Market - Macro Economic Scenario
5. QR Code Payments Market Size And Growth
…..
27. QR Code Payments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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