By The value of QR code payments will grow by 50% globally from $5.4 trillion in 2025.
The standardisation of national QR schemes and Account-to-Account (A2A) payment initiatives will be a key factor in driving the adoption of QR code payments. Despite this growth, Apple’s opening up of third-party Near-field Communication (NFC) access will increase competition, as consumers will have wider access to NFC-based options.
According Juniper Research, the report predicted that this increased competition will be most felt in North America and Europe, where iOS products have the highest market share.
The research anticipates that accessibility and affordability will be vital for establishing the presence of QR codes in NFC-dominated markets.
QR code payments hold distinct advantages over NFC technology, which contribute to their continued growth and widespread adoption. The two primary factors driving the sustained appeal of QR codes; making them an accessible and versatile solution for both businesses and consumers, are:
- Lower operational costs
- Universal compatibility
Research author Daniel Bedford explained: “QR code infrastructure is cheaper and more accessible than traditional point-of-sale technology. It lowers the barrier to entry for smaller vendors, such as street vendors, drivers, and independent workers, to readily accept payments, which helps to drive financial inclusion.”
The research recommended that QR code payments vendors must tailor their offerings for smaller businesses to capitalise on this growth. The low implementation costs were identified as a compelling differentiator over NFC payments, especially for merchants operating in developing markets.
