The total transaction values for payments made using QR codes worldwide will reach more than US$3tn by 2025, an increase of 25% from US$2.4tn in 2022, driven by an increasing focus on financial inclusion in developing markets and alternative payment methods in developed regions, according to a forecast by Juniper Research.
The research also ranks Alipay at the top of the firm’s Competitor Leaderboard for QR payment service providers, followed by PayPal, WeChat Pay, Google Pay and UnionPay International.
This is due to Alipay “having built upon its early-move advantage to create a portfolio of strong features, including loyalty schemes, online payments and a food delivery service in the QR space,” the researchers say.
In addition, the research predicts that “the prospects for adoption and growth are stronger in markets with national schemes in place, due to incentives that promote ease of use for consumers, with increased interoperability being a major enabling factor.
“In particular, the research found that in India, the transaction value of QR code payments will increase from $62bn in 2022, to $125bn in 2026, driven by its national QR code standard and reduced cash usage.”
Juniper Research forecast that close to one in three mobile phone users globally would be using QR code payment services by 2025 in January 2021 and put PayPal and Alipay at the top of its digital wallet Competitor Leaderboard in April this year.