QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

11th January 2021: A new study from Juniper Research has found that the total number of QR code payment users will exceed 2.2 billion in 2025, up from 1.5 billion in 2020; equating to 29% of all mobile phone users across the world in 2025.

The report predicts that much of this growth will be within emerging markets, where weak card infrastructure creates a strong opportunity. However, the research also found that the US will see strong growth of 240% in user numbers between 2020-2025, as QR code payments tap into the need for cashless payments stimulated by the pandemic.

QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India

The research identified PayPal’s roll-out of QR payments and its partnership with CVS as key drivers of the renaissance of QR payments within the US market.

Boosting Merchant Acceptance Essential to Growing Ecosystem

The new research, QR Code Payments: Key Opportunities, Regional Analysis & Market Forecasts 2021-2025, identified that QR codes’ ability to combine payments and loyalty make them ideal for retailers seeking to leverage valuable transactional data. The low-cost nature of these solutions will enable the growth of QR code payments to reach over $2.7 trillion globally in 2025.

Read Also:  Ringier, Silvertree end JV; Silvertree gets DealDey
- Advertisement -

Research author Nick Maynard explains: ‘QR code payments have low acceptance costs versus contactless payments, meaning that they are highly competitive and appealing to retailers in emerging markets, which lack card infrastructure. However, the low costs mean that accepting QR codes alongside cards is also viable. Partnerships in developing markets will be critical to driving QR adoption.’

Read Also:  Mixed Consumer Sentiments Across West Africa

National QR Code Payment Schemes Driving Growth

The research found that national QR code payment standards, such as SGQR in Singapore, will be major accelerators to the growth of QR code payments. By 2025, national QR code payment schemes will account for 22% of all QR code payments by volume, compared with just 8% in 2020.

The research recommends that national regulators make QR schemes a priority, to ensure widespread digital payments adoption and interoperability of payment methods.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

- Advertisement -
QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand SpurQR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand SpurQR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand Spur

Latest News

Balyesa, Delta Beat Lagos To Become Top Investment Spots For Q1 2021 – NIPC

Nigerian Investment Promotion Commission (NIPC) reports that US$8.41 billion was tracked as investment announcements for Q1 2021, about 75%...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand SpurQR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India - Brand Spur