Global QR Code Payment Market Shows Robust Growth with CAGR of 17.03% Through 2028: Contactless Payments Elevate Market Growth Amidst Digitalization

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Jan 11, 2024, 13:00 ET

DUBLIN, Jan. 11, 2024 /PRNewswire/ -- The "QR Code Payment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.

The latest industry research reveals a significant upward trajectory in the Global QR Code Payment Market, with projected robust growth at a CAGR of 17.03% throughout the forecast period until 2028. Valued at USD 10.28 Billion in 2022, the market is responding to an increasing demand for convenient and secure digital payment solutions.

Contactless Payments Elevate Market Growth Amidst Digitalization

Analysts note that one of the market's key drivers is the rising demand for contactless transactions, propelled by technological advancements and shifts in consumer behavior. The QR code payment technology is especially gaining traction due to its user-friendly nature, allowing for quick and secure transactions with just a smartphone scan.

Innovative Solutions Drive Market Expansion

The industry's shift towards these convenient and hygienic payment solutions gained momentum during the COVID-19 pandemic and is expected to continue its upward trend. QR code payments have been integrated into a diverse range of services—including retail, e-commerce, hospitality—and offer a promising outlook for both consumers and businesses seeking efficiency and enhanced security features.

Regional Dominance and Segmental Insights

The Asia Pacific region is leading the market, driven by factors such as high smartphone penetration, rising levels of urbanization, and government initiatives promoting digital payments. China, India, Indonesia, and Vietnam are recognized as key contributors to the region's QR code payment adoption rates. Analysts assert that while the Asia Pacific is at the forefront, North America and Europe are also exhibiting steady growth. Innovations in QR code payment solutions are expected to further galvanize the market across these regions.

Industry Prepared for New Heights

With convenience, security, and cost-effectiveness at the core, the Global QR Code Payment Market is primed to reach new heights, reshaping the landscape of financial transactions and consumer behaviors for the coming decade. As digital payment solutions continue to evolve, QR code payments are distinguished as pivotal in crafting seamless and secure payment experiences. The wide-spanning research offers deep dives into the market's offerings, payment types, end-users, and regional segments, promising comprehensive insights into this dynamic industry.

Key Drivers and Trends Steering Market Growth

The appeal of streamlined, contactless transactions for consumers and businesses alike.
Cost-effective solutions afforded by QR code payment technology for various business sizes.
Security enhancements, creating a trustworthy payment environment for users.
A marked surge in QR code adoption amidst the pandemic, which is set to continue post-pandemic.
Integration of QR code payment methods into e-commerce and mobile applications.
Cross-border transactions facilitated by QR code payment standardization and interoperability.

A selection of companies mentioned in this report includes

Ant Group Co., Ltd.
Tencent Holdings Limited
PayPal Holdings, Inc.
Visa Inc.
Mastercard Incorporated
Square, Inc.
Apple Inc.
Oracle Corporation
Samsung Electronics Co., Ltd.
Google LLC

Report Scope:

QR Code Payment Market, By Offerings:

Solution
Services

QR Code Payment Market, By Solution:

Customer service
Marketing assistant

QR Code Payment Market, By Payment Type:

Push Payment
Pull Payment

QR Code Payment Market, By End-user:

Restaurant
Retail & E-commerce
E-ticket Booking
Others

QR Code Payment Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Belgium
Asia-Pacific
China
India
Japan
Australia
South Korea
Indonesia
Vietnam
South America
Brazil
Argentina
Colombia
Chile
Peru
Middle East & Africa
South Africa
Saudi Arabia
UAE
Turkey
Israel

For more information about this report visit https://www.researchandmarkets.com/r/d4fr8q

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SOURCE Research and Markets