Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "QR Code Payments Market: 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The report provides an expansive overview of the adoption and utilities of QR code payments across the globe. It includes strategic recommendations for QR code payment providers and stakeholders, as well as comprehensive 5-year forecasts for QR code payment volumes and values, QR code payment users, and handsets used for QR code payments. Additionally, these 5-year forecasts provide key market splits for markets with national and third-party schemes, volume and value of retail and transportation tickets made by QR code payments.
The volume of QR code payments in the leading Southeast Asian market will increase from 13 billion in 2023 to 90 billion in 2028.
High growth in Southeast Asia and other developing markets is largely down to the financial inclusivity that QR payments offer; enabling unbanked users to access digital payments. Conversely, Western markets have seen very limited adoption; highlighting the global divide in QR payment markets.
National QR payment schemes, including India's UPI and Brazil's Pix, have played a key role in encouraging market adoption, with their success driving implementation of national schemes in 2023 in Kenya and Bangladesh. However, significant growth to market volume will come from cross-border interoperability within Southeast Asian markets.
While international interoperability has been offered from payment providers like Alipay for years, national QR payment standards are now unifying across borders; enabling wider interoperability.
Indonesia, Malaysia, and Thailand have already unified their payment standards; enabling businesses to accept payments from international visitors using their domestic digital wallets.
Singapore and the Philippines are set to collaborate by the end of 2023; further unifying payments across the region.
Payment providers are advised to work closely with legislative bodies, encouraging interoperability to bolster QR payments usage.
The adoption of QR payments overall in the west remains low. However, the area of QR P2P bank transfers has gained significant traction since 2022, with Belgium's Payconiq and Spain's Bizum being used by a significant proportion of users. Furthermore, Revolut and Vipps MobilePay have been promoting P2P and business-based QR solutions across Europe through reduced transaction fees. To maximise adoption, payment providers should focus on offering competitive pricing versus established local payment methods.
Furthermore, the Competitor Leaderboard, featuring an in-depth evaluation of 19 major QR code payment vendors, positions key market stakeholders seeking to understand the competitive landscape in the highly complex QR code payment market. It uses a combination of quantitative and qualitative scoring criteria to provide vendor positioning for the market's key players.
Key Features
Market Dynamics: The report provides a comprehensive market assessment discussing key market trends impacting the effectiveness and value proposition of the QR code payments market, as well as an in-depth evaluation of the future growth of the market and readiness for further disruption. This enables readers to understand the critical innovations driving this market forward.
Regional Analysis: Comprehensive evaluation featuring regional-level market analysis on the future of the market and the potential for QR code payment adoption; supplemented with 5-year forecast data and split by 8 key regions.
Africa & Middle East:
The Competitor Leaderboard: This competitive landscape will provide key player capability and capacity assessment for 19 QR code payment providers; positioning them as either an established leader, leading challenger, or disruptor and challenger. Our Competitor Leaderboard scores these companies on a number of criteria, including their size of operations in the space, their extent and breadth of market partnerships, sophistication of their platforms, and the publisher's view on each company's innovation and future business prospects.
In addition, the publisher also comprises an assessment of the current QR code payments market and the factors impacting it. These include:
- QR Code Payment National Standardisation vs Third-party Schemed
- Card Vendors in the QR Code Payments Market
- The Impact of Cashless Society Initiatives
- Security Developments of QR Codes and Payments Utilising Them
- How QR Codes Fare Against NFC Contactless Payments
This research suite includes:
- Market Trends & Strategies (PDF)
- Competitor Leaderboard (PDF)
- Data & Forecasting (PDF)
- 5-year Market Sizing & Forecast Spreadsheet (Excel)
- 12 Months' Access to harvest Online Data Platform
Key Market Statistics
Market Size in 2023
- $2.9bn
Market Size in 2028
- $4.8bn
2023 to 2028 Market Growth
- 59%
The companies included in the QR Code Payments Competitor Leaderboard are:
- Alipay
- easypaisa
- Google Pay
- LINE Pay
- Maya
- Mercado Pago
- MoMo
- M-PESA
- NEarex
- PayPal
- Paytm
- PhonePe
- Rakuten Pay
- Revolut
- Square
- STC Pay
- UnionPay
- Vipps MobilePay
- WeChat Pay
For more information about this report visit https://www.researchandmarkets.com/r/63k8fd
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