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QR Code Payments Market to Touch USD 38.65 Billion by 2031 Propelled by Growing Demand for Contactless Payments


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The SNS Insider report estimates that the QR code payments market size stood at USD 11.16 billion in 2023. This figure is projected to reach USD 38.65 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 16.8% over the forecast period 2024-2031.

Growing Demand for QR Code Payments

The QR code payments market is experiencing a period of tremendous growth, fueled by a confluence of factors. One of the key drivers is the exponential rise of smartphone usage, particularly in developing economies like India. As affordability of smartphones increases, a growing number of people are turning to QR code payments for their convenience and ease of use. Furthermore, the rapid adoption of digital payments is another significant factor propelling market expansion. Consumers are increasingly moving away from cash and embracing electronic transactions, prompting merchants to seek innovative digital payment solutions.

Market Analysis

Beyond the factors mentioned above, the QR code payment industry presents a plethora of opportunities for businesses and consumers alike. The inherent customizability of QR code payment systems allows businesses to tailor the technology to their specific needs. Integration with existing point-of-sale systems and online stores streamlines the payment process for both merchants and customers. This adaptability makes QR code payments particularly appealing to small and medium-sized enterprises seeking a scalable payment solution that can evolve alongside their business. Furthermore, the versatility of QR codes empowers businesses to personalize the payment experience for their customers. Dynamic QR codes, for example, can be used to offer customized discounts or promotions based on a customer’s purchase history or demographic data. This level of customization fosters customer loyalty and potentially increases sales and revenue.

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Major The Key Players of QR Code Payments Market

PayPal Holdings Inc., Google LLC, UnionPay International Co. Ltd, LINE Pay Corporation, Barclays, Revolut Ltd, Tencent, Square, Inc., Alibaba.com, Ecentric Payment Systems, One97 Communications Limited (Paytm), and others

Segmentation Analysis

The solution segment dominated the market in 2023. This dominance can be attributed to the inherent customizability of solution-based offerings. As mentioned previously, the ability to tailor the technology to specific business needs, including integration with existing systems, makes this segment particularly attractive to small and medium-sized enterprises.

The dynamic QR code segment dominated the market in 2023. Dynamic QR codes offer superior versatility compared to static codes. They can be generated in real-time and can contain varying amounts of data depending on the transaction. This flexibility empowers businesses to create personalized payment experiences for their customers, offering targeted promotions or discounts. Additionally, dynamic QR codes boast enhanced security features. They can be encrypted with unique transaction information, mitigating the risk of fraudulent transactions. This security advantage makes dynamic QR codes a popular choice for businesses in high-risk industries like e-commerce and finance.

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Key Market Segments

By Offering


  • Static QR Code
  • Dynamic QR Code


By Transaction Channel   

  • Face-to-Face
  • Remote

By Payment Type   

  • Push Payment
  • Pull Payment

By End User

  • Restaurant
  • Retail & E-Commerce
  • E-Ticket Booking
  • Others

Impact of Geopolitical Tensions and Economic Slowdown

During periods of geopolitical unrest, currency exchange rates can become highly volatile. This volatility can disrupt cross-border QR code payments, as fluctuations in exchange rates can influence the cost of international transactions. Additionally, governments might implement new financial regulations in response to geopolitical events. These changes could impact QR code payment systems, requiring businesses to adapt to new compliance requirements or restrictions. Furthermore, disruptions in global supply chains due to geopolitical tensions can affect the availability and functionality of QR code payment solutions, as the ecosystem relies on various technologies and interconnected infrastructure.

In times of economic uncertainty or war, consumer spending habits are likely to shift. This could lead to changes in the volume and nature of QR code transactions, as people prioritize essential purchases over discretionary spending. Additionally, economic downturns can lead to a slowdown in the growth of QR code payments in a particular region. Businesses might become more hesitant to invest in expanding their payment infrastructure, while economic slowdowns can create challenges, they can also present opportunities for innovation and optimization.

Key Regional Developments

The Asia Pacific region dominated the QR code payments market in 2023. Asia Pacific region is home to a vast and continuously growing population, creating a significant consumer base for QR code payments. Smartphone penetration rates in the region are soaring, particularly in developing economies like India. This widespread access to smartphones fuels the adoption of QR code payments. A substantial portion of the population in many Asia Pacific countries remains unbanked. QR code payments offer a convenient and accessible alternative to traditional banking services, bridging the financial inclusion gap.

The North American market is also expected to witness significant growth during the forecast period. Similar to Asia Pacific, North America boasts a high smartphone penetration rate, creating a fertile ground for QR code payment adoption. Digital payments are already widely accepted in North America. QR code payments offer a seamless integration with existing digital wallets and mobile payment apps, further accelerating adoption. North America boasts a well-developed financial infrastructure, fostering trust and security in digital payment solutions like QR codes.

Future Growth

The future of the QR code payment market appears bright. The increasing integration of QR code technology with social media platforms and messaging apps is expected to further propel market growth. Additionally, the rising adoption of contactless payments due to hygiene concerns post-pandemic is likely to benefit the QR code payment industry. Furthermore, advancements in blockchain technology have the potential to enhance the security and transparency of QR code payments, fostering greater trust among consumers and businesses alike.

Recent Developments

In June 2023: QR codes have played a pivotal role in the evolution of India’s digital payment landscape. They have been instrumental in promoting the use of non-banking apps like Paytm, PhonePe, and Google Pay. Notably, several prominent banks are now entering the QR code payment space by deploying their own QR codes at retail outlets. ICICI Bank has emerged as a frontrunner in this space with its merchant-facing InstaBiz application. HDFC Bank and Axis Bank are also following suit.

QR Code Payments Market
QR Code Payments Market

Buy Now Enterprise-User PDF of QR Code Payments Market report 2024-2031@ https://www.snsinsider.com/checkout/4108 

Key Takeaways

Gain a comprehensive understanding of the driving forces behind the surging growth of QR code payments, including the rise of smartphone usage and the rapid adoption of digital wallets.

Identify the potential impact of geopolitical tensions and economic slowdowns on the QR code payment market and develop strategies to mitigate associated risks.

Stay informed about the latest trends and developments in the Asia Pacific and North American regions, which are expected to be at the forefront of QR code payment adoption.

About Us

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