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BUSINESS

Global QR code payments reach US$3 trillion by 2025 - Juniper Research

09/05/2022 04:26 PM

KUALA LUMPUR, May 9 (Bernama) -- A new study from Juniper Research has predicted the global spend using QR code payments will reach over US$3 trillion by 2025; rising from US$2.4 trillion in 2022. (US$1 = RM4.374)

This 25 per cent growth 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, predicting loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments.

The research reviewed the top 15 QR code payment vendors in the market and evaluated key factors that led to their respective success. The top five vendors were ranked as Alipay; PayPal; WeChat Pay; Google Pay; and, UnionPay International.

Juniper Research has 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.

According to a statement, 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 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 US$62 billion in 2022, to US$125 billion in 2026, driven by its national QR code standard and reduced cash usage.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

-- BERNAMA


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