QR Code Payments Market is projected to reach USD 45.9 billion by 2032

From GlobeNewswire: 2025-01-14 09:00:00

The QR Code Payments Market was valued at USD 11.8 Billion in 2023 and is projected to reach USD 45.9 Billion by 2032, growing at a CAGR of 16.27%. QR payments are preferred for their convenience and adoption across various industries, with China leading the way at over 85% customer usage.

Innovations like dynamic QR codes and integration with digital wallets are driving growth, while NFC and RFID present alternatives. QR codes dominate with their simplicity, scalability, and fraud-resistant features. Major players include PayPal, Alipay, WeChat Pay, Stripe, and Google Pay, among others.

The Solutions segment led the QR Code Payments market in 2023 with 69.75% of total revenue, offering flexibility and customization. The Services segment is expected to grow the fastest with professional and managed services. Dynamic QR codes lead market share, while static QR codes witness the fastest growth due to simplicity and affordability.

Asia Pacific dominated the QR Code Payments market in 2023 with over 34.20% share, driven by factors like smartphone penetration and a significant unbanked population. North America is poised for the fastest growth, while widespread smartphone use and app adoption support QR integration for faster transactions. QR code payments are booming, especially among tech-savvy youth who prioritize speed and security. North America leads in growth, driven by high smartphone use and digital payment adoption. Major players like PayPal and Square are enhancing offerings to meet consumer demands. Alipay also introduced a QR code feature for international tourists.

In March 2024, PayPal upgraded its mobile payment system with new QR code features. Alipay followed suit in April 2024, offering real-time currency conversion for international tourists. North America’s competitive retail landscape is leveraging QR codes to enhance customer payment experiences.

SNS Insider offers consulting services like Go To Market Assessment and Competitive Benchmarking. The company aims to provide accurate market data and consumer insights globally, empowering clients to make informed decisions. With a focus on changing market dynamics, SNS Insider utilizes various research techniques to deliver reliable information to clients.



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