Research: QR code payments to reach USD 3 trillion by 2025

Monday 9 May 2022 12:52 CET | News

Juniper Research has predicted global spend using QR code payments will reach over USD 3 trillion by 2025.

This growth of 25%, from USD 2.4 trillion in 2022, will be driven by the increasing focus on improving the level of financial inclusion in developing regions and providing alternatives to established payment methods in developed regions, says Juniper.

The new research, QR Code Payments: Key Opportunities, Competitor Leaderboard & Marketing Forecasts 2022-2026, identified combined loyalty and payment services via a single QR code as a key strategy for increasing adoption. It predicts loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments.

Juniper reviewed the top 15 QR code payments vendors in the market and evaluated key factors that led to their respective success. The top 5 vendors were ranked: Alipay, PayPal, WeChat Pay, Google Pay, and UnionPay International.

The company has ranked Alipay as the leader in QR code payments, having built upon its early‑mover advantage to create a portfolio of features, including loyalty schemes, online payments, and a food delivery service in the QR space. The report suggests competitors emulate Alipay’s strategy to create a valuable ecosystem that revolves around QR code payments capabilities, such as loyalty schemes.

The report also found that the prospects for adoption and growth are stronger in markets with national schemes in place, due to incentives that promote ease of use for consumers, with increased interoperability being a major enabling factor. In particular, the research found that in India, the transaction value of QR code payments will increase from USD 62 billion in 2022, to USD 125 billion in 2026, driven by its national QR code standard and reduced cash usage.

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Keywords: Juniper Research, QR payments, financial inclusion, research, Alipay, payment methods
Categories: Payments & Commerce
Companies: Juniper Research
Countries: World
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