The total number of QR code payments made in SE Asia will reach 90bn by 2028, up from a total QR code transaction volume in the region of 13bn in 2023, according to a forecast by Juniper Research.
National QR code payment standards, such as those already introduced in Indonesia, Malaysia and Thailand, as well as the introduction of interoperable cross-border schemes, will be among the key drivers behind the high growth rate in SE Asia, the forecasters say.
Another key factor driving adoption in SE Asia and other developing markets “is largely down to the financial inclusivity QR payments offer, enabling unbanked users to access digital payments”, the forecasters add.
“Conversely, Western markets have seen very limited adoption, highlighting the global divide in QR payment markets.
“However, according to the research, the area of QR P2P bank transfers has gained significant traction since 2022, with Belgium’s Payconiq and Spain’s Bizum 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.”