“The QR Code Payments Market was valued at USD 12.8 Billion in 2024 and is anticipated to reach USD 49.2 Billion in 2035, with a compound annual growth rate (CAGR) of 18.27% between 2024 and 2035.”
QR Code Payments leading global move to effortless contactless transactions
The QR Code Payments market is increasing tremendously, attributed to its convenience, affordability, and use across the retail, dining, e-commerce, and transport sectors. With growing smartphone penetration and digital wallet adoption, QR payments are a popular option as they allow users to scan codes for secure, quick transactions. Mobile in-store transaction usage will reach 30% in 2023 and increase to 42% in 2025. China will lead the pack with more than 85% of customers adopting WeChat Pay, Alipay, and similar. Operational effectiveness is one area where QR codes contribute to operational simplification, reducing transaction drag, and enhanced customer experience- particularly on contactless payment, loyalty programs, and subscriptions.
Get a Sample Report of QR Code Payments Market@ https://www.marketinsightsresearch.com/request/download/8/626/QR-Codes-Payment-Market
Dynamic QR codes, push payments, and digital wallet integrations are some of the trends that are leading the growth. While NFC, BLE, and RFID offer options, QR codes rule with simplicity, scalability, and fraud-security aspects.
Major Players Analysis Listed in this Report are:
- PayPal – PayPal QR Code Payments Service
- Square (Block Inc.) – Square Point of Sale (POS)
- Alipay – Alipay QR Code Payments System
- WeChat Pay – WeChat Pay QR Codes
- Stripe – Stripe Terminal with QR Code Payments
- Google Pay – Google Pay QR Code Payments Feature
- Samsung Pay – Samsung Pay with QR Code Support
- Venmo – Venmo QR Code Payment
- MasterCard – MasterCard QR Code Payments Solutions
- Visa – Visa QR Code Payments Acceptance
- Shopify – Shopify Payments with QR Code Integration
- Amazon Pay – Amazon Pay QR Code Payments
- Zell – Zell QR Code Payments System
- FIS Global – FIS QR Code Payments
- Ayden – Ayden QR Code Payments Solutions
- Karma – Karma QR Code Payments Integration
- Pat – Pat QR Code Payments Service
- Razor pay – Razor pay QR Code Payments Gateway
- World pay – World pay QR Code Payments
- Pine Labs – Pine Labs QR Code Payments Solution
QR Code Payments Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | US$ 12.8 Bn |
| Market Size by 2035 | US$ 49.2 Bn |
| CAGR | CAGR of 18.27% from 2024 to 2035 |
| Base Year | 2024 |
| Forecast Period | 2024-2035 |
| Historical Data | 2020-2024 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increased accessibility to smartphones enables seamless QR Code Payments adoption.
• Widespread use of apps like Google Pay and PayPal supports QR integration for faster transactions. • Online shopping drives QR code usage for secure and convenient remote payments. |
Dynamic QR Codes Take Market Share as Static QR Codes Experience Fastest Growth
The Dynamic QR code segment held more than 66% share in the QR Code Payments market in 2022. Dynamic QR codes are created in real-time with variable data that is specific to individual transactions, enabling businesses to customize payment experiences, such as providing promotions or discounts on the basis of purchase history of customers. Their increased security, such as distinguishing transactional data, minimizes the risk of fraud, for which reason dynamic QR codes have become very trendy in high-risk sectors such as e-commerce and finance.
The Static QR code category is anticipated to expand at the highest compound annual growth rate in the forecast period because of its simplicity, affordability, and simplicity of implementation. Static QR codes are easily produced quickly without specialized hardware or software, and this makes them a cost-effective measure for small and medium enterprises. Their flexibility makes them applicable to a wide range of applications from retail purchases to bill payments, further contributing to their extensive adoption.
QR Code Payments Market Segmentation:
By Offerings
Solution
Services
By Solution
Static QR code
Dynamic QR code
By Payment Type
Push Payment
Pull Payment
By Transaction Channel
Face-to-Face
Remote
By End-user
Restaurant
Retail & E-commerce
E-ticket Booking
Others
QR Codes Payment Market Trends
One of the new developments in the market is the spread of QR code payments outside the conventional retail environment. QR code payment systems are being implemented by sectors like healthcare, transportation, and education at an increasing rate. QR codes are being implemented in the transport sector to offer frictionless fare payments for public transport systems, and in the healthcare sector to facilitate quick and contactless payment for medical bills. They are also being utilized by schools for other transactions, including fee payments.
The use range of QR code payments is expanding in different businesses, making them a versatile and ubiquitous payment method.
Yet another significant trend within the QR payment market is enhanced security protocols. Payment providers are employing real-time transaction tracking and advanced encryption tools to tackle the issues of tampering and fraud. Dynamic QR codes are being utilized to mitigate abuse and increase security, which are modified after each transaction. In addition, two-factor authentication and biometric identification methods are being integrated into QR code payment processes to provide users with greater security and encourage system trust. These security advances are critical to encouraging wider usage and ensuring safe transactions
Buy an Enterprise-User PDF of QR Code Payments Market Analysis & Outlook 2024-2035- https://www.marketinsightsresearch.com/report/buy_now/8/626/QR-Codes-Payment-Market
QR Codes Payment Market Share
Revolut Ltd. and PayPal, Inc. together owned a prominent share of more than 5% in the QR codes payment market. Revolut Ltd., one of the leading fintech companies with UK headquarters, has been a huge player in the QR code payment sector with its innovative digital banking services and financial solutions. With QR codes, customers can use a variety of features on Revolut’s mobile app, including bitcoin trading, budgeting, and cross-border money transfers. Revolut’s use of QR code technology enables its customers to make secure and convenient payments at partner online and offline merchants.
Peer-to-peer transactions are facilitated through this feature, allowing users to send money to friends and relatives quickly by scanning QR codes. Revolut’s international client base has made QR code payments a widely used alternative because of its focus on consumer convenience and security. In addition, the widespread use of Revolut in numerous countries facilitates cross-border transactions, enhancing the overall utility and attractiveness of QR code payments in a more digital and globalized economy.
PayPal, Inc., a digital payments leader worldwide, has made significant strides in the QR code payment space by leveraging its huge user base and robust technology platform. PayPal’s QR code payment platform makes it easy and secure for customers and businesses to make payments. Without the necessity of traditional point-of-sale systems, small businesses and solo sellers can readily accept payments by creating QR codes for payments directly within the PayPal app
