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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.
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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
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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.
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