Digitalization Drives Growth In QR Code Payments Market: Strengthening the Growth Trajectory of the QR Code Payments Market

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What Is the Expected CAGR for the QR Code Payments Market Through 2025?
The market size of QR code payments has experienced swift expansion in the last few years. It is anticipated to rise from $14.74 billion in 2024 to $17.66 billion in 2025 with a compound annual growth rate (CAGR) of 19.8%. The growth during the historic period can be ascribed to the usage of qr codes extending past the automotive industry into the payment sectors, the need for contactless transactions amidst the COVID-19 pandemic, the integration of qr code payment methods by restaurants, retailers, and merchants, along with enhanced smartphone use and improved internet speed.

What's the Projected Size of the Global QR Code Payments Market by 2029?
Anticipations are high for the tremendous expansion of the QR code payments market in the upcoming years. The market is projected to reach $36.07 billion by 2029, growing at a compound annual growth rate (CAGR) of 19.5%. Multiple factors contribute to this anticipated growth, including the rise in QR code payment adoption, increasingly favored contactless payment options among consumers, substantial backing from smartphone makers and application developers, and an escalating demand for secured and straightforward transaction services, as well as widespread merchant acceptance of QR code payments. The expectation period further suggests significant trends like endorsement of contactless payments, standardized QR code layouts, technological progressions, government strategies and regulations, along with the integration of QR codes into augmented and virtual reality.

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Top Growth Drivers in the QR Code Payments Industry: What's Accelerating the Market?
The rise in digitalization is predicted to fuel the expansion of the QR code payments industry. This transformation involves converting data or physical entities into a digital form that is easily processed, transmitted, and stored by computers. Businesses can leverage digitalization to offer customizable and convenient customer experiences via online platforms, mobile applications, and digital services, thereby boosting customer satisfaction and loyalty. QR code payments play a critical role in the digital transformation of financial transactions, promoting accessibility, convenience, security, and contactless interactions, while also facilitating financial inclusion and compatibility with other digital services. For example, a gov.UK report released in February 2024 stated that the digital sector's provisional estimates for 2022 showed a contribution of $171.25 million to the UK economy, making up 7.2% of the UK's total Gross Value Added (GVA). This is a slight rise from the 7.1% recorded in the previous year based on current prices. Hence, the increasing importance of digitalization is propelling the QR code payments market's expansion.

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What Trends Will Shape the QR Code Payments Market Through 2029 and Beyond?
Leading corporations in the QR code payments industry are directing their efforts towards the creation of ground-breaking solutions such as offline QR code-based systems. These systems aim to augment transaction accessibility in regions with minimal or no internet. Offline QR code-based systems denote QR code technology that can operate without the need for an internet link. For instance, CRED, a technology firm based in India, launched an offline UPI-based Scan and Pay in April 2024. This novel offline UPI-based 'Scan and Pay' provision allows users to scan QR codes and make direct payments from their bank accounts at certain merchant outlets. It is primarily designed to serve high-tier retail shops, taking in supermarkets and fashion outlets, by offering them multiple payment device alternatives.

What Are the Main Segments in the QR Code Payments Market?
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

Subsegments:
1) By Qr Code Payment As Solution: Qr Code Payment Gateways, Qr Code Payment Software, Mobile Payment Applications (Qr Code-Enabled), Point-Of-Sale (Pos) Systems With Qr Code Integration, Qr Code Generation Tools
2) By Qr Code Payment As Services: Payment Processing Services, Merchant Onboarding And Setup Services, Transaction Verification Services, Security And Fraud Prevention Services, Customer Support Services

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Which Top Companies are Driving Growth in the QR Code Payments Market?
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.

Which Regions Will Dominate the QR Code Payments Market Through 2029?
Asia-Pacific was the largest region in the QR code payments market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the QR code payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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