Global QR Codes Payment Market Size to Surpass USD 51.58 Billion Growth by 2032 | Surge in Adoption of Contactless Payments
The QR codes payment market size is anticipated to grow from USD 11.2 Billion in 2022 to USD 51.58 Billion in 10 years, growing at a CAGR of 16.5%. The market ought to witness a positive growth rate owing to increasing adoption of QR codes payment plans across the business enterprises. North America region emerged as the most prominent global QR codes payment market, with a 39.0% market revenue share in 2022.
Newark, Oct. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global QR codes payment market will grow from USD 11.2 Billion in 2022 to USD 51.58 Billion by 2032. The COVID-19 pandemic’s most significant effect on the global QR code payment sector has been the quickening of the digital revolution. Consumers turned away from real currency and payment cards due to lockdowns, social segmentation policies, and health concerns, which increased their reliance on digital payment methods. Due to their contactless and touch-frее features, QR code payments have gained popularity among both customers and companies. People were looking for safer and more convenient ways to conduct transactions, and this increase in digital adoption helped QR code payments within the main system. The pandemic raised awareness of personal cleanliness and the dangers of physical contact. Contactless payment techniques, such as QR codes, have become more popular. People were reluctant to utilize QR codes during the pre-pandemic situation. Different enterprises across industry verticals accepted the use of QR code payment solutions at point-of-sale terminals and e-commerce platforms after realizing the demand for contactless payment choices.
Download Report Sample (230+ Pages PDF with Insights) at: https://www.thebrainyinsights.com/enquiry/sample-request/13754
Key Insight of the QR Codes Payment Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global QR codes payment market. The Asia-Pacific region would significantly expand. With a high adoption of smartphones and mobile internet connectivity, Asia Pacific has a culture that prioritizes mobile devices. Due to user-friendly mobile app access, this culture has prepared the road for QR code payment adoption. China has significantly influenced the adoption of QR code payments. The popularity of QR code payments has been accеlеratеd by the establishment of mobile payment platforms like Alipay and WеChat Pay, not just in China but also in other nations. QR code payments are consistently accepted in retail stores around Asia and the Pacific. Consumers may easily use their smartphones to pay for goods and services thanks to the prevalence of QR codes everywhere, from small businesses to big malls.
The static QR code segment is expected to grow at the highest CAGR during the forecast period.
The solution segment is divided into static QR code and dynamic QR code. The static QR code segment is expected to grow at the highest CAGR during the forecast period. The ease of implementation and cost-effectiveness contribute to the segment’s growth. Without additional technology or software, static QR codes may be produced quickly and easily, making them a practical choice for small and medium-sized businesses. Static QR codes are a flexible alternative for enterprises because they are simple to implement and can be used in various contexts, including displayed on screens or printed on receipts. Additionally, static QR codes are a popular option for companies in various industries because they can be used for various transactions, from moderate retail purchases to bill payments.
The pull payment segment is expected to hold the second largest market share.
The payment type segment is divided into push payment and pull payment. The pull payment segment is expected to hold the second largest market share. Pull payments enable businesses to create QR codes and provide them to customers, who scan them to authorize the payments, which are then sequentially transferred from the consumer’s account to the business’s account. Pull payments are a common and practical choice for recurring payments, such as subscriptions or bill payments, as the customer does not have to start each transaction. Additionally, pull payments provide customers with a seamless payment experience by enabling them to make transactions quickly and efficiently with only a few clicks. This increases customer happiness and loyalty, especially for companies prioritizing convenience and usability. Pull payments may also be more economical for organizations, especially those that process many regular payments.
The remote segment is expected to grow at the highest CAGR during the forecast period.
The transaction type segment is divided into remote and face-to-face. The remote segment is expected to augment the market during the forecast period. The segment growth can be attributed to its accessibility and convenience for customers, especially during the pandemic. The transaction type involves buyers scanning a QR code the merchant presents during a remote transaction, such as ordering takeout from a restaurant or online shopping. The primary benefit of the remote transaction is its accessibility. Customers can complete transactions from their homes or on-the-go, without physically visiting a store or restaurant. This aspect has become increasingly influential as more customers have shifted towards cashless and contactless payment methods to minimize their exposure risk.
The retail & e-commerce segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is classified into restaurant, retail & E-commerce, E-ticket booking and others. The retail & e-commerce segment is expected to grow at the highest CAGR during the forecast period. The segment’s growth is attributed owing to the increasing adoption of digital wallet payments amongst buyers. Buyers who like to shop and make payments using their mobile devices have a safe and practical payment alternative with QR codes. Because the retail and e-commerce sectors are so competitive and customer-focused, companies must provide quick and practical payment choices that satisfy their customers’ changing needs and preferences. As a result, QR code payments have become a practical and favoured option in this sector, stimulating market expansion.
Advancement in market
• In February 2023: To establish CloudCover CyberCell, a cybersecurity “rent-a-captive” insurance programme, CloudCover collaborated with the insurance brokerage Hylant Global Captive Solutions (Hylant). The program, accessible to organisations, affinity groups, and big businesses, enables users to finance self-insured cyber risks manageably. As a result, businesses can offer QR codes payment at a lower price and with greater coverage, which lowers the potential liability of cyber-attacks and enables larger revenue generation for businesses.
Inquiry Before Buying: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13754
Market Dynamics
Driver: Enhanced Security Measures
Security is paramount in financial transactions, and QR code payments satisfy the abovementioned criteria. Strong security elements, such as data encryption, authentication, and tokenization, are usually incorporated into QR code payment systems. PINs, biometrics, and two-factor authentication (2FA) are user authentication techniques that add security to unauthorized access. Tokenization replaces Sensitive data with meaningless tokens, further protecting user data. These security measures make consumers confident that using QR code payments is a safe way to transact. The simple integration of QR code payments into numerous company ecosystems has made them popular. Businesses may add QR code paymеnt options to their mobile apps and websites owing to the software development kits (SDKs) and APIs that paymеnt service providers, banks, and financial firms have developed. For customers, this connectivity makes the payment process simpler. This factor is propelling the market growth.
Restraint: Regulatory Challenges and Privacy Concerns
Legislative environmental government payments made with QR codes can be complicated and differ from one jurisdiction to another. Regulatory difficulties include taxation issues and others. In some circumstances, stringent regulations make it difficult for companies and start-ups to offer services for QR code payments. Potential market players may be discouraged because navigating the regulatory environment can be time-consuming. Users’ privacy concerns are heightened by the frequent collection and processing of financial and personal data during QR code payments. Although encryption and security protocols protect user data, privacy violations and data breaches can cause consumers to lose faith in QR code payment systems. If users feel they have little control over the personal information and transaction data collected, they can be unwilling to accept QR code payments. These factors may limit the market growth.
Opportunity: Integration with E-commerce Platforms
E-commerce platforms and mobile shopping apps are rapidly integrating QR code payments. Customers can choose QR code payments as a checkout option while purchasing online. Users can efficiently and securely finish the transaction by scanning the produced QR code with a mobile banking app or a special QR code payment app after confirming the purchase. This payment technology simplifies the payment process and improves the convenience of online shopping. Many firms have combined QR code payments with loyalty programs to increase consumer engagement and retention. Users can get prizes, cashback, or loyalty points using a QR code to pay. These bonuses are frequently recorded automatically and used during the payment process. This fashion encourages brand loyalty and repeat business in addition to QR code payments.
Browse the full report with Table of Contents and List of Figures: https://www.thebrainyinsights.com/report/qr-codes-payment-market-13754
Some of the major players operating in the QR codes payment market are:
• NEarex
• PaymentCloud
• Clover Network, LLC
• PayPal, Inc.
• UnionPay International
• LINE Pay Corporation
• Ecentric Payment Systems
• ACI Worldwide
• Revolut Technologies Inc.
• Block, Inc. (Square)
Key Segments Cover in the Market:
By Solution:
• Static QR code
• Dynamic QR code
By Payment Type:
• Remote
• Face-to-face
By Transaction Type:
• SMEs
• Large Enterprises
By End-user:
• Restaurant
• Retail & E-commerce
• E-ticket Booking
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Inquire for Customized Data: https://www.thebrainyinsights.com/enquiry/request-customization/13754
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected]
Web: www.thebrainyinsights.com
