The number of people using QR code payment services globally will rise from 1.5 billion in 2020 to more than 2.2 billion in 2025, representing close to one in three (29%) of all the world’s mobile phone users, Juniper Research predicts.
The researchers forecast that “much of this growth will be within emerging markets, where weak card infrastructure creates a strong opportunity”. It also predicts a 240% growth in user numbers in the US between 2020 and 2025, driven by factors such as PayPal’s rollout of QR payments in the country.
Additionally, the research “identified that QR codes’ ability to combine payments and loyalty makes them ideal for retailers seeking to leverage valuable transactional data,” Juniper says.
“The low-cost nature of these solutions will enable the growth of QR code payments to reach over US$2.7tn globally in 2025.”
It says that other accelerators for the growth of QR code payments include the roll out of national QR code payment standards.
Juniper adds: “By 2025, national QR code payments schemes will account for 22% of all QR code payments by volume, compared with just 8% in 2020.”