BASINGSTOKE, U.K.–Global spend using QR code payments will reach over $3 trillion by 2025, from $2.4 trillion in 2022, according to a new forecast from Juniper Research.
The company said its study shows growth of 25% 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.
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 that loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments, Juniper said.
According to Juniper, the new research reviewed the top 15 QR code payments vendors in the market and evaluated the key factors that led to their respective success. The top five vendors were ranked as below:
1. Alipay
2. PayPal
3. WeChat Pay
4. Google Pay
5. UnionPay International
Juniper Research reported it ranked Alipay as the leader in QR code payments, having built upon its “early-mover advantage to create a portfolio of strong features, including loyalty schemes, online payments, and a food delivery service in the QR space.”
The report suggests that competitors emulate Alipay’s strategy to create a valuable ecosystem that revolves around QR code payments capabilities, such as loyalty schemes.
National Schemes to Boost QR Growth
The report 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 $62 billion in 2022, to $125 billion in 2026, driven by its national QR code standard and reduced cash usage.