Press release
Smartphone Penetration Fuels Growth In Quick Response (QR) Codes Payment Market Driver: Leading Transformation in the Quick Response (QR) Codes Payment Market in 2025
Quick Response (QR) Codes Payment Market
The market size for quick response (QR) codes payment has experienced significant expansion in the previous years. Its size is projected to increase from $14.02 billion in 2024 to $16.72 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.2%. The notable growth in the past can be credited to factors such as the surge in smartphone usage, the boom of e-commerce, escalating digitalization, shifting consumer taste, and supportive regulations.
The market size of Quick Response (QR) codes payments is expected to experience a swift rise in the coming years. The market is predicted to reach a huge $33.53 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 19.0%. This significant growth during the forecast period can be linked to factors like the increased adoption of contactless payments, QR code technology integration, the surge of mobile wallets, the introduction of new payment platforms, and the demand for cashless transactions. The forecast period is also marked by trends like a move towards cashless communities, the popularity of QR code-based loyalty schemes, the use of QR code menus in eateries, the application of QR codes for event and transportation ticketing, and the use of QR codes for verifying identities.
What Key Elements Are Boosting Growth in the Quick Response (QR) Codes Payment Market?
The quick response (QR) codes payment market is expected to experience growth due to the increased adoption of smartphones. Smartphone penetration is a term used to describe the proportion of individuals in a certain population who own and use smartphones, signaling the extent of smartphone usage in that particular group or area. The growth in smartphone penetration is propelled by enhanced affordability, technological progress, and escalating demand for mobile connectivity and operation. Payments using QR codes are facilitated by smartphones, which scan the codes presented at the point of sale and links the scanned code to the user's payment app or digital wallet for secure transactions. For example, Vietnam's regulatory agency, the Department of Telecommunications under the Ministry of Information and Communications, reported a total of 91.3 million smartphone users in 2021, which grew by more than 2 million by the end of March 2022. This brought the total to 93.5 million subscribers, representing 73.5% of the country's adult population. Therefore, the growing proliferation of smartphones is seen as a key driver for the expansion of the quick response (QR) codes payment market.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=15911&type=smp
Which Leading Companies Are Shaping the Growth of the Quick Response (QR) Codes Payment Market?
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
What Are the Major Trends Shaping the Quick Response (QR) Codes Payment Market?
Key companies in the QR code payment sector are concentrating on the invention of unique products including QR code devices to improve the customer experience and drive adoption. A QR code device is an apparatus or gadget with the ability to create, exhibit or scan QR codes. For example, SuperUs, a tech company based in India, debuted the Dynamic QR Code device in February 2024, poised to revolutionise digital transactions in India by flawlessly integrating cash and checkout terminals, providing unparalleled transaction experiences for enterprises and consumers. Touted as a cost-effective solution, it eliminates the necessity for initial outlays on hardware, software, and training, while also slashing reconciliation expenses greatly, consequently offering substantial ROI for businesses.
What Are the Key Segments of the Quick Response (QR) Codes Payment Market?
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
Subsegments:
1) By Solution: QR Code Payment Software, QR Code Payment Platforms, Mobile Payment Solutions
2) By Services: Payment Gateway Services, Transaction Processing Services, Security And Fraud Prevention Services
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/quick-response-qr-codes-payment-global-market-report
Which Region Dominates the Quick Response (QR) Codes Payment Market?
Asia-Pacific was the largest region in the quick response (QR) codes payment market in 2023. The regions covered in the quick response (QR) codes payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Quick Response (QR) Codes Payment Global Market Report?
- Market Size Analysis: Analyze the Quick Response (QR) Codes Payment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Quick Response (QR) Codes Payment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Quick Response (QR) Codes Payment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Quick Response (QR) Codes Payment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=15911
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smartphone Penetration Fuels Growth In Quick Response (QR) Codes Payment Market Driver: Leading Transformation in the Quick Response (QR) Codes Payment Market in 2025 here
News-ID: 3863918 • Views: …
More Releases from The Business Research Company
Pesticide And Other Agricultural Chemicals Industry Set to Achieve $156.05 Billi …
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Long-Term Growth Forecast for the Pesticide And Other Agricultural Chemicals Market Size 2025?
In recent years, the market size for pesticides and other agricultural chemicals has witnessed significant growth. From a value of $104.46 billion in 2024, it's projected to swell to $113.13 billion in 2025, reflecting a compound…
Organophosphates Pesticides Industry Expected to Reach $10.67 Billion by 2029 at …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Organophosphates Pesticides Market Value Projection: How Much Will the Market Size by 2025?
The market size of organophosphates pesticides has experienced consistent growth in the prior years. The market is projected to expand from $8.05 billion in 2024 to $8.41 billion in 2025, with a compound annual growth rate (CAGR) of…
Nitrobenzene Industry Growth Outlook: 7.5% CAGR and $15.35 Billion by 2029
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Long-Term Growth Forecast for the Nitrobenzene Market Size 2025?
In the past few years, the size of the nitrobenzene market has witnessed significant growth. It is projected to increase from $10.96 billion in 2024 to $11.51 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The…
Nail Polish Market Analysis: $24.61 Billion by 2029 With a CAGR of 11.5%
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Nail Polish Market Value Projection: How Much Will the Market Size by 2025?
The industry of nail polish has witnessed significant expansion in the past few years. Projected to surge from $14.39 billion in 2024 to $15.93 billion in 2025, it is expected to observe a compound annual growth rate (CAGR)…
More Releases for Payment
Evolving Market Trends In The Bitcoin Payment Ecosystem Industry: NFC-Enabled Cr …
The Bitcoin Payment Ecosystem Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Expected Bitcoin Payment Ecosystem Market Size During the Forecast Period?
The market size of the Bitcoin payment ecosystem has seen swift acceleration in the past few years. Its growth is projected…
Payment Security Market : Increased Adoption of Digital Payment Modes Leading pl …
According to a recent report published by Allied Market Research, titled, "Payment Security Market by Component, Platform, Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global payment security market size was valued at $17.64 billion in 2020, and is projected to reach $60.56 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.
Download Free PDF Report Sample :
https://www.alliedmarketresearch.com/request-sample/10390
Payment security software is used…
Hosted Payment Gateway Segment dominates Payment Gateway Market - TechSci Resear …
Government initiatives towards digitization and surging popularity of digital payment to drive global payment gateway market through 2024
According to TechSci Research report, “Global Payment Gateway Market By Type, By Enterprise Size, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global payment gateway market is projected to grow at a CAGR of over 8% during 2019-2024, on account of increasing internet penetration, which is aiding growing demand for online transactions.…
Digital Payment Market by Component (Solutions (Payment Processing, Payment Gate …
Magarpatta SEZ, Pune, “ReportsnReports”, one of the world’s prominent market research firms has released a new report on Global Digital Payment Market. The report contains crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Digital Payment Market to figure out and study market needs, market size, and competition. The report talks about the…
Digital Payment Market by Payment Gateway Solutions, Payment Wallet Solutions, P …
Digital Payment Market 2019-2025: In 2018, the global Digital Payment market size was xx million US$ and it is projected to surpass xx million US$ by the end of 2025, growing at a CAGR of 18.1% during 2019-2025.
Things Covered in Sample Report
> Deep Dive Strategy & Competition
> Deep Dive Data & Forecasting
> Executive Summary & Core Findings
Get a Quick Sample report at https://decisionmarketreports.com/request-sample?productID=1008739
The key players covered in…
Online Payment Gateway Market Analysis By 2028 | Amazon.com, Avenues India Pvt. …
Future Market Insights (FMI) has recently published a new research report on the online payment gateway market titled “Online Payment Gateway Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028).” The report states that the growing prevalence of third party payment processes is expected to have a positive impact on the growth of the global market. Websites have always been a good source for channel merchants for generating revenue. Concentrating…
