Report Overview

Juniper Research’s latest QR Code Payments research provides an expansive overview of the adoption and utilities of QR code payments across the globe. It includes strategic recommendations for QR code payment providers and stakeholders, as well as comprehensive 5-year forecasts for QR code payment volumes and values, QR code payment users, and handsets used for QR code payments. Additionally, these 5-year forecasts provide key market splits for markets with national and third-party schemes, volume and value of retail and transportation tickets made by QR code payments.

Furthermore, Juniper Research’s Competitor Leaderboard, featuring an in‑depth evaluation of 19 major QR code payment vendors, positions key market stakeholders seeking to understand the competitive landscape in the highly complex QR code payment market. It uses a combination of quantitative and qualitative scoring criteria to provide vendor positioning for the market’s key players.

In addition, Juniper Research also comprises an assessment of the current QR code payments market and the factors impacting it. These include:

  • QR Code Payment National Standardisation vs Third-party Schemed
  • Card Vendors in the QR Code Payments Market
  • The Impact of Cashless Society Initiatives
  • Security Developments of QR Codes and Payments Utilising Them
  • How QR Codes Fare Against NFC Contactless Payments
This research suite includes:
  • Market Trends & Strategies (PDF)
  • Competitor Leaderboard (PDF)
  • Data & Forecasting (PDF)
  • 5-year Market Sizing & Forecast Spreadsheet (Excel)
  • 12 Months' Access to harvest Online Data Platform
Key Market Statistics
Market Size in 2023: $2.9bn
Market Size in 2028: $4.8bn
2023 to 2028 Market Growth: 59%

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Key Features

  • Market Dynamics: The report provides a comprehensive market assessment discussing key market trends impacting the effectiveness and value proposition of the QR code payments market, as well as an in-depth evaluation of the future growth of the market and readiness for further disruption. This enables readers to understand the critical innovations driving this market forward.
  • Regional Analysis: Comprehensive evaluation featuring regional-level market analysis on the future of the market and the potential for QR code payment adoption; supplemented with 5‑year forecast data and split by 8 key regions including;
    • North America
    • Latin America
    • West Europe
    • Central & East Europe
    • Far East & China
    • Indian Subcontinent
    • Rest of Asia Pacific
    • Africa & Middle East
  • Juniper Research Competitor Leaderboard: This competitive landscape will provide key player capability and capacity assessment for 19 QR code payment providers; positioning them as either an established leader, leading challenger, or disruptor and challenger. Our Competitor Leaderboard scores these companies on a number of criteria, including their size of operations in the space, their extent and breadth of market partnerships, sophistication of their platforms, and Juniper Research's view on each company's innovation and future business prospects. The companies included in Juniper Research's QR Code Payments Competitor Leaderboard are:
    • Alipay
    • easypaisa
    • Google Pay
    • LINE Pay
    • Maya
    • Mercado Pago
    • MoMo
    • M-PESA
    • NEarex
    • PayPal
    • Paytm
    • PhonePe
    • Rakuten Pay
    • Revolut
    • Square
    • STC Pay
    • UnionPay
    • Vipps MobilePay
    • WeChat Pay
  • Benchmark Industry Forecasts: Provides 5-year forecasts for QR code payment activities including total users of QR code payments, total number of mobile handsets and average amount of QR code payments made per mobile handset per annum. Total volume and value of QR code payments, including splits between national and third‑party schemes, and QR code payments in retail and transport. Metrics are split by our 8 key forecast regions and the 60 countries listed below:
    • North America:
      • Canada, US
    • Latin America:
      • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
    • West Europe:
      • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
    • Central & East Europe:
      • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
    • Far East & China:
      • China, Hong Kong, Japan, South Korea
    • Indian Subcontinent:
      • Bangladesh, India, Nepal, Pakistan
    • Rest of Asia Pacific:
      • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
    • Africa & Middle East:
      • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

Key Questions Answered

  1. Who are the most successful players in the QR payments space, and why?
  2. Where will the biggest growth opportunities be for QR code payments?
  3. What will the total transactional value for QR code payments over a 5-year forecast period be?
  4. What are some main methods that operators could use to increase revenue from QR code payments?
  5. What factors will increase QR code payment growth over the next 5 years?

Companies Referenced

Included in Juniper Research Competitor Leaderboard: Alipay, easypaisa, Google Pay, Line Pay, Maya, Mercado Pago, MoMo, M-PESA, Nearex, PayPal, Paytm, PhonePe, Rakuten Pay, Revolut, Square, STC Pay, UnionPay, WeChat Pay, Vipps MobilePay.
Mentioned: Acleda Bank, Air Bank, Alliance Bank, AlphaPay, Amazon, American Express, Apple, Banamex, Bancoppel, Barclaycard, BBVA, BCA, BharatPe, Bizum, BRI, Burger King, Citibank, City Bank, Coles, Commerzbank, Commonwealth Bank, ČSOB, CVS, DBS PayLah!, Denso Wave, EBL Sky Banking, Eccentric Payment Systems, Eftpos, FPay, FPS, GoPay, GrabPay, HBL, HIPS Payment Group, HSBC, iDeal, Izipay, Japanese Rail, JazzCash, K-Electric, Lukita, Mastercard, Matera, Maybank, MB Bank, MBank, mCASH, McDonald’s, Mollie, Mswipe, Mumbai Metro, NETSPay, Netstars, Niubiz, NRB Bank, OCBC PayAnyone, Octopus, OVO, P J City Bus, Payconiq, PayNet, Paystack, Raiffeisenbank, ShopeePay, SnapPay, SSLCOMERZ, Stanchart Mobile, Standard Chartered Bank, Starbucks, T.G.I. Fridays, TapNGo, Target, Tencent, T-Mobile, Tunki, Ukheshe, Unlimint, UOB TMRW, Vendemás, Venmo, Vipps, Visa, Walmart, Wendy’s, WhatsApp, Woolworths, Worldpay, Yape, YellowPepper, Zapper, Zengin-Net.

Data & Interactive Forecast

Key Market Forecast Splits

The QR Code Payments Forecast suite includes 5-year forecasts for this market, including the following:
  • QR Code Payment Users
  • QR Code Payments, splits by Transaction Value and Volume
  • Retail QR Code Payments
  • Transport Ticket QR Code Payments, including tables for Metro Tickets
  • QR Code Payments, split by National and Third-party Schemes
Geographical Splits: 60 countries
Number of Tables: 28
Number of datapoints: Over 12900 datapoints

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 volume of QR code payments in the leading Southeast Asian market will increase from 13 billion in 2023 to 90 billion in 2028.

High growth in Southeast Asia and other developing markets is largely down to the financial inclusivity that QR payments offer; enabling unbanked users to access digital payments. Conversely, Western markets have seen very limited adoption; highlighting the global divide in QR payment markets.

National QR payment schemes, including India’s UPI and Brazil’s Pix, have played a key role in encouraging market adoption, with their success driving implementation of national schemes in 2023 in Kenya and Bangladesh. However, significant growth to market volume will come from cross-border interoperability within Southeast Asian markets.

While international interoperability has been offered from payment providers like Alipay for years, national QR payment standards are now unifying across borders; enabling wider interoperability. For example:
  • Indonesia, Malaysia, and Thailand have already unified their payment standards; enabling businesses to accept payments from international visitors using their domestic digital wallets.
  • Singapore and the Philippines are set to collaborate by the end of 2023; further unifying payments across the region.
Payment providers are advised to work closely with legislative bodies, encouraging interoperability to bolster QR payments usage.

The adoption of QR payments overall in the west remains low. However, the area of QR P2P bank transfers has gained significant traction since 2022, with Belgium’s Payconiq and Spain’s Bizum being 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. To maximise adoption, payment providers should focus on offering competitive pricing versus established local payment methods.

Full Research Suite


Full Research Suite

  • Competitor leaderboard report (pdf)
  • Market trends & strategies report (pdf)
  • Market data, forecasts and analysis report (pdf)
  • Market data, forecasts and interactivity (xls)
  • Quarterly updates to market data & forecasts (pdf, xls)
  • harvest market data platform (12 months’ online access)  - find out more

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Research Details

Juniper Research
Matthew Purnell
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