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Key Trend Reshaping the Quick Response (QR) Codes Payment Market in 2025: Innovative Solutions In Quick Response (QR) Code Payment Enhanced Market Growth
Quick Response (QR) Codes Payment
The rising smartphone penetration is expected to accelerate the growth of the QR code payment market. Smartphone penetration refers to the proportion of individuals using smartphones within a given population. The rise in smartphone use is driven by technological advancements, affordability, and demand for mobile connectivity. Smartphones facilitate QR code payments by scanning the code and connecting to payment apps for secure transactions. For example, in April 2022, Vietnam's Department of Telecommunications reported 93.5 million smartphone subscribers, accounting for 73.5% of the adult population. Therefore, increased smartphone penetration will drive the growth of QR code payments.
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What Is the projected market size and growth rate for the quick response (qr) codes payment market?
The quick response (QR) codes payment market has experienced rapid growth in recent years. It will rise from $14.02 billion in 2024 to $16.72 billion in 2025, at a CAGR of 19.2%. This growth is due to increased smartphone penetration, the rise of e-commerce, growing digitalization, changing consumer preferences, and regulatory support.
The quick response (QR) codes payment market is expected to grow to $33.53 billion by 2029 at a CAGR of 19.0%. The rise in contactless payment adoption, the expansion of mobile wallets, and the growth in cashless transactions are major factors driving this market. Trends include the shift to cashless societies, QR code loyalty programs, QR code menus, ticketing solutions, and identity verification using QR codes.
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What new trends are reshaping the quick response (qr) codes payment market and its opportunities?
Companies in the quick response (QR) code payment market are introducing innovative products, such as QR code devices, to enhance user experience and promote adoption. For example, in February 2024, SuperUs, an India-based technology company, launched the Dynamic QR Code device, aimed at transforming digital payments in India. This device integrates cash and checkout terminals, offering a cost-effective solution without the need for upfront hardware, software, or training expenses.
What major market segments define the scope and growth 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.
Which key market leaders are driving the quick response (qr) codes payment industry growth?
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
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What Is Covered In The Quick Response (QR) Codes Payment Global Market Report?
•Market Size Forecast: Examine the quick response (qr) codes payment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the quick response (qr) codes payment market for a structured understanding.
•Key Players Overview: Analyze major players in the quick response (qr) codes payment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the quick response (qr) codes payment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the quick response (qr) codes payment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the quick response (qr) codes payment market.
•Industry Challenges: Identify potential risks and obstacles affecting the quick response (qr) codes payment market.
•Competitive Landscape: Review strategic developments in the quick response (qr) codes payment market, including expansions, agreements, and new product launches.
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