QR codes payment Market to Reach $35.07 Billion, Globally, by 2030 at 16.1% CAGR: Allied Market Research

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Sep 23, 2024, 01:07 ET

PORTLAND, Ore., Sept. 23, 2024 /PRNewswire/ -- The QR codes payment market is expected to witness notable growth owing to the massive adoption of QR code payment among merchants and the rise in the usage of smartphones & surge in faster connectivity.

Allied Market Research published a report, titled, "QR codes payment Market by Offering (Solution and Services), Payment Type (Push Payment and Pull Payment), Transaction Channel (Face-to-Face and Remote), End User (Restaurant, Retail & E-Commerce, E-Ticket Booking and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the "QR codes payment market" was valued at $8.07 billion in 2020, and is projected to reach $35.07 billion by 2030, growing at a CAGR of 16.1% from 2021 to 2030.

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The QR codes payment market is expected to witness notable growth owing to the massive adoption of QR code payment among merchants and the rise in the usage of smartphones & surge in faster connectivity. Moreover, developing economies are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, rising data breaches and security issues limit the growth of the QR codes payment market.

The solution segment held the highest market share in 2020.

By offering, the solution segment dominated the market in 2020, this segment includes the various software and platforms that enable QR code payments, such as mobile payment applications, POS systems, and digital wallets. The widespread adoption of QR code payment solutions was driven by their ease of use, cost-effectiveness, and the growing demand for contactless payment options, especially following the COVID-19 pandemic. However, the services segment is expected to witness the largest CAGR of 18.0%, the services segment is expected to witness the highest growth in the coming years. This growth is primarily driven by the increasing demand for services related to the integration, maintenance, and support of QR code payment systems.

The push payment segment held the highest market share in 2020.

By payment type, the push payment segment accounted for the largest share in 2020. This dominance is largely due to the convenience and efficiency associated with push payments, where consumers initiate transactions by sending funds directly to merchants or service providers through QR codes. However, the pull payment segment is expected to witness the largest CAGR of 18.4%. Pull payments, where merchants initiate transactions by scanning a customer's QR code, offer enhanced convenience for both consumers and businesses. This method allows for faster checkouts and reduces the friction associated with traditional payment processes.

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Regional Insights: The Asia-Pacific region held the highest market share in 2020.

By region, the QR codes payment market was dominated by Asia-Pacific in 2020. The widespread adoption of mobile payment technologies and the increasing penetration of smartphones have created a favorable environment for QR code payments in countries such as China, India, and Southeast Asian nations.

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Leading Market Players-

Alibaba.com
Barclays
Google
LINE Pay Corporation
One97 Communications Limited (Paytm)
PayPal
Revolut Ltd
Square, Inc.
Tencent
UnionPay International Co. Ltd

Key Industry Developments

In March 2024, Payment Asia released Hong Kong's annual payment trends and made predictions for the next year's payment trends. With the increasing update of mobile payment methods and the gradual popularity of QR code payments.
In October 2023, The Karnataka Vikas Grameen Bank (KVGB) launched its merchant QR code facility, an easy payment acceptance solution, as part of its efforts to build a cashless economy. KVGB chairperson Shreekant Bhandiwad said the government is aggressively pushing for higher usage of digital payment mechanisms, including the BHIM app, increasing usage of PoS machines and QR codes among others.
In May 2022, SimplyPayMe launched their new QR (quick response) code payments system. Devised to facilitate faster touch-free digital payments, the new system allows businesses to create QR codes for instant customer payment without having to manually enter or share their card details.

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Key Benefits for Stakeholders

The study provides in-depth analysis of the global QR codes payment market share along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the global QR codes payment market are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the market.
An extensive analysis of the key segments of the industry helps to understand the QR codes payment market trends.
The quantitative analysis of the global QR codes payment market forecast from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

By Offering

Solution
Static QR Code
Merchant-Presented Mode (MPM)
Customer-Presented Mode (CPM)
Dynamic QR Code
Services
Professional Services
Managed Services

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

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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