Report Overview

Juniper Research’s QR Code Payments report provides a detailed evaluation of the rapidly-changing position of QR codes within the expanding digital payments market. The report considers the adoption and use of QR codes within developing markets, as well as established markets, where competition from contactless payments is rife.

In addition, the report covers current market opportunities, monetisation recommendations, future prospects and the role of the 15 leading QR code payments vendors across the market. The research suite also contains a detailed dataset; providing forecasts for 60 countries across a number of different metrics, including the number of QR code payments users, payment transaction volume, transaction value and national schemes vs third-party schemes.

This research suite comprises:

  • Strategy & Forecasts (PDF)
  • 5-year Market Sizing & Forecast Spreadsheet (Excel)
  • 12 months' access to harvest Online Data Platform
Key Market Statistics
Market Size in 2022: $2.5tn
Market Size in 2026: $3.3tn
2022 to 2026 Market Growth: 25%

  Buy Full Research Suite - Immediate access to all the above only £2990.


Key Features

  • Market Dynamics: Insight into the trends and movements in the QR code payments market, as well as developing challenges and strategic recommendations for future market developments.
  • Regional Analysis: Introduction to QR code payments followed by an analysis of the current market status, card vendors movement into the market, monetising QR code payments, competition between QR codes and NFC payments and assessing future market opportunities. Also provides a detailed analysis of the prospects for QR code payments adoption across our 8 key regions, a number of country-level markets covering the current state of QR code payments adoption, regulatory concerns and future market outlooks.
  • Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 15 QR code payment vendors:
    • Alipay
    • BharatPe
    • Easypaisa
    • Google Pay
    • LINE Pay
    • Mercado Pago
    • M-PESA
    • PayMaya
    • PayPal
    • Paytm
    • PhonePe
    • Rakuten Pay
    • STC Pay
    • UnionPay International
    • WeChat Pay
  • Benchmark Industry Forecasts: Forecasts for QR code payments including QR code payments users, volume of QR code transactions, payment transaction value, national QR schemes vs third-party QR schemes. Sizing markets up to 2026; split by our 8 key regions and by the 60 countries listed below:
    • Algeria
    • Argentina
    • Australia
    • Austria
    • Bangladesh
    • Belgium
    • Brazil
    • Canada
    • Chile
    • China
    • Colombia
    • Croatia
    • Czech Republic
    • Denmark
    • Ecuador
    • Egypt
    • Finland
    • France
    • Germany
    • Greece
    • Hong Kong
    • Hungary
    • India
    • Indonesia
    • Ireland
    • Israel
    • Italy
    • Japan
    • Kenya
    • Kuwait
    • Malaysia
    • Mexico
    • Nepal
    • Netherlands
    • New Zealand
    • Nigeria
    • Norway
    • Pakistan
    • Peru
    • Philippines
    • Poland
    • Portugal
    • Qatar
    • Romania
    • Russia
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • Switzerland
    • Thailand
    • Turkey
    • UK
    • Ukraine
    • United Arab Emirates
    • Uruguay
    • US
    • Vietnam

Key Questions Answered

  1. How will key market trends affect the projected QR code transaction total value by 2026?
  2. Will QR code payments be able to compete with contactless payments in developed markets?
  3. What recent developments have allowed an increase in take up for QR code payments? 
  4. How has an increasing transition to a cashless society affected QR code payments?
  5. Who are the leading vendors in the QR code payments market?

Companies Referenced

Case Studied: Santander, tomato pay.
Included in the Juniper Research Competitor Leaderboard: Alipay, BharatPe, Easypaisa, Google Pay, LINE Pay, Mercado Pago, M-PESA, PayMaya, PayPal, Paytm, PhonePe, RakutenPay, STC Pay, UnionPay International, WeChat Pay.
Mentioned:, 7-Eleven, Afterpay, AGH Holdings, Alibaba, AllBank, Alliance Bank, Alphabet, AlphaPay, Altiostar Network , Amazon, American Express, Ant Financial, Anti-Counterfeiting Alliance, Apollo Pharmacy, Apple, ATP Mallorca Championship, Attock, Axis Bank, Banco Central de Reserva del Perú, Bangko Sentral ng Pilipinas, Bangkok Bank, Bank Negara, Bank of Indonesia, Bank of Thailand, Baramda, Barclays, Barwaqt, Bata, Bed Bath & Beyond, Berkshire Hathaway, BHIM, Bombay Chowpatti, BookMyShow, Burger King, Byco, Carnival Cinemas, Central Bank of Argentina, Central Bank of Brazil, Central Bank of Nigeria, Chaaye Khana, Cinepolis, Citibank, CMA, CoDi, Columbia, Croma, DANA, Decathlon, devourin, Discovery Capital, Dishtv, Dolfin, Domino’s, DuitNow, Eftpos, Enrich Salons, Ergonomic Solutions, ERPNext, FBI, Flipkart, FNB (First National Bank), Foodpanda, FPay, FreshMenu, Givenchy, Gloria Jean’s Coffees, Goibibo, Gojek, GrabPay, Greentrends, Guofubao, Hardee’s, HDFC Bank, Healthpass, HPS, HSBC, Huawei, IATA (International Air Transport Association), ICICI Bank, iDEAL, Indus App Bazaar, InteliPOS, Interbank, itsettled, iZettle, Izipay, JCB, Jet Airways, KFC, KKR, Lightspeed, LIMETRAY, Liquid Pay, Lukita, M2M, Marg, Mastercard, Maybank, McDonalds, MedPlus, MobilePay, More, Naheed Supermarket, National Bank of Peru, Naver Corporation, Netcash, Nets, NHS, Nike, Niubiz, Nuvei, Nykaa, Ola, Oracle, OVO, Paygate, PayNet (Payments Network Malaysia), PayNow, Paysafe, Paystack, PBOC (People’s Bank of China), Peruvian National Bank, PIX, Pizza Hut, Pizza Lounge, PLDT, Port Grand, Priceline Pharmacy, PromptPay, Punjab National Bank, QuePay, RBI (Reserve Bank of India), RedBus, Rehmat-e-Shereen, Reliance, Rolex, Safaricom, SAFE (State Administration of Foreign Exchange), SAIF Partners, SAMA (Saudi Arabia Monetary Authority), Samsonite, Samsung, SBI, Shaheen Chemist, shopaccino, Shopify, Shopmatic, Singtel Dash, Smart Communications, Smart Padala , Smash, SnapPay, SnapScan, SoftBank, Spencer’s, SPI Cinemas, Splitit, SRL Diagnostics, SS, Star India Bazaar, Starbucks, Studio 11, Suryoday Small Finance Bank, Swiggy, T Rowe Price, Talwalkars, Tameer Bank, Taobao Marketplace, Target, Telenor, Tencent, The Cheese Factor, Tikkie, Tmall, Tokyu, Tommy Hilfiger, Total, Tumi, Tunki, Uber, Under Armour, United Airlines, URBAN PIPER, Vendemás, Venmo, Visa, Vishal, Vodafone, Voyager Innovations, Wagamama, Walmart, Western Union, WhatsApp, Wise, Worldpay, Yahoo, Yape, yellow messenger, YellowPepper, YLG, Yoka Pay, Z Holdings, Zapper, ZEPETO, Zerodha, ZOHO, Zomato.

Data & Interactive Forecast

Juniper Research’s QR Code Payments forecast suite includes:
  • Forecast splits for 8 key regions, as well as 60 country-level data splits for:
  • QR code payments forecasts, including QR code payments users, payment transaction volume, payment transaction value, split by retail payments and ticketing payments, as well as QR code payments market split by 2 scheme types:
    • National QR Code Payment Schemes
    • Third-party QR Code Payment Schemes
    • Interactive scenario tool allowing users to manipulate Juniper Research’s data for four different metrics.
    • Access to the full set of forecast data of 28 tables and more than 12,800 datapoints.

Geographical splits: 60 countries

Harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables, overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and get alerted whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the Interactive Scenario Tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.

Forecast Summary

The global spend using QR code payments is predicted to reach over $3 trillion by 2025, rising from $2.4 trillion in 2022. This growth of 25% will be driven by the increasing focus on improving the level of financial inclusion in developing regions and providing alternatives to established payment methods in developed regions. Combined loyalty and payment services via a single QR code are a key strategy for increasing adoption. The research predicted that loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments.
  • Alipay is ranked as the leader in QR code payments, having built upon its early-mover advantage to create a portfolio of strong features, including loyalty schemes, online payments, and a food delivery service in the QR space. The report suggested that competitors emulate Alipay’s strategy to create a valuable ecosystem that revolves around QR code payment capabilities, such as loyalty schemes.
  • 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 $62 billion in 2022, to $125 billion in 2026, driven by its national QR code standard and reduced cash usage. Accordingly, we recommend that vendors looking to expand internationally focus on markets with established national schemes.

QR Code Payments Reports


Full Research Suite

  • Market trends, strategies and forecasts report (pdf)
  • Market data & forecasts - All topic data and interactivity (xls)
  • harvest market data platform (12 months’ online access) - find out more

Click here for more information and purchase options

May 2022




Research FAQs

Are QR codes still relevant in 2021?
What growth has been seen in the QR codes market?
What trends are there in the QR codes market?

Research Details

Juniper Research
Dominique Tetnowski
Fintech & Payments
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam