QR code payments could break $3 trillion in 3 years

QR code - Paying via QR code

A new Juniper Research forecast suggests that the mobile transactions will reach the milestone by 2025.

QR code payment trends have shown that the transaction method is taking off, even if it has experience broken global growth over the last few years.

Quick response barcodes have been used for payments far more in some regions than in others.

The low-cost, easily recognizable and simple to use technique of QR code payments have high appeal to many merchants and consumers globally. Though the popularity differs from one region to the next. The broad use of quick response barcodes throughout the pandemic have only made them more familiar and therefore more appealing to shoppers and sellers alike.

QR code - Person using smartphone to scan code and pay

This, paired with the rising use of smartphones and increasingly rapid internet connectivity have made market experts optimistic about the continued growing use of this payment method. In fat, a recent Juniper Research report indicated that the global spending over this transaction method could reach $3 trillion by 2025. This would represent a 25 percent increase over this year’s predicted $2.4 trillion.

This represents a notable rise not only in mobile payments use but also those specifically through QR code scans.

“This 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,” said a statement from Juniper Research in a recent news release. Juniper also found that combining payments and loyalty services through a single barcode has been a central adoption strategy.

The firm forecasted that loyalty strategies will only continue to incentivize repeat use of the barcodes as well as trust in using them over time for payments. Worldwide, Juniper has predicted that Ailpay, WeChat Pay, and UnionPay – all Chinese m-commerce giants – will be leading the way in terms of adopting this transaction method.

Juniper Research pointed specifically to Alipay as the top performer in QR code payments, primarily because of the advantage it gave itself by being an early adopter of the technology. This has given it time to integrate additional features such as loyalty programs, payments and food delivery services, all within the quick response barcode ecosystem.

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