Global spend using QR code payments is expected to exceed $3trn by 2025, rising from $2.4trn in 2022, according to a new Juniper Research report.
The 25% growth will be caused by the improving level of financial inclusion within developing regions and providing alternatives to established payment methods in these same locations.
In the report, ‘QR Code Payments: Key Opportunities, Competitor Leaderboard & Marketing Forecasts 2022-2026’, it claims combined loyalty and payment services in a single QR code will help boost adoption. It also predicts loyalty schemes will encourage repeat use and foster consumer trust in the transaction method.
Its analysis identified the top 15 QR code payment vendors in the market. The top five are Alipay, PayPal, WeChat Pay, Google Pay and UnionPay International.
AliPay topped the list due to it having built upon its early-mover advantage to offer a selection of features, including loyalty schemes, online payments, and a food delivery service in the QR space.
To compete, other provides should emulate the AliPay strategy, it said.
Finally, Juniper Research claims the adoption and growth of QR code payments will be stronger in countries with national schemes. For example, the transaction value of QR code payments in India is projected to increase from $62bn in 2022 to $125bn in 2026.
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