17+ QR Code Payment Statistics: Facts, Trends and Insights
In the rapidly developing financial space, it’s important to stay up to date with QR code payment statistics.
This information offers valuable insights into the future implications of QR codes and their place in the business world.
To help you make the right business decisions, here is a compilation of the latest facts and trends courtesy of the best QR code generator online.
Table of Contents
- Statistical report on QR code payments
- How big is the QR code payment market?
- How effective are QR codes?
- Part I. Global payment statistics
- Global spending with QR code payments to reach $3 trillion by 2025
- The worldwide mobile POS payment market is expected to grow at a CAGR of 12.77%
- The worldwide average transaction per user with QR code payment methods is expected to value around $2.26k
- Several competing QR code payment apps are on the rise
- Dynamic QR codes have 64% of the market share
- Part II. QR code payment statistics per region
- 45% of Americans were keen on using QR codes at restaurants
- The European mobile POS payment market is expected to grow at a CAGR of 14.88%
- 93% of consumers in Southeast Asia make use of contactless payments
- The African mobile POS market is expected to reach $179.30 billion in 2028
- Mobile POS payment transactions in Australia and Oceania are expected to reach $106.60 billion by 2028
- Part III. Factors in the adoption of QR code payments
- Part IV. Challenges and risks facing the use of QR code payments
- Part V. Emerging trends in QR code payment technology
- Create your QR codes with QR TIGER QR Code Generator
- Frequently Asked Questions
Statistical report on QR code payments
How big is the QR code payment market?
The QR code usage statistics reports show that the global QR code payment market was valued at $11.2 billion and is expected to reach $51.58 billion in 10 years.
How effective are QR codes?
QR codes are convenient means of transferring information from the digital space to the physical world.
How do QR codes work when it comes to using them for payment? Well, transactions are actually smoother than exchanging cash at points of sale.
In fact, a report by Gartner revealed that by 2024, 80% of payment services are expected to use contactless payment methods.
Part I. Global payment statistics
Global spending with QR code payments to reach $3 trillion by 2025
According to the latest QR code payment statistics from Juniper Research, global spending using QR codes is expected to rise from $2.4 trillion in 2022 to $3 trillion by 2025.
This prediction is driven by the need for financial inclusion in developing areas as well as providing alternative payment methods.
The worldwide mobile POS payment market is expected to grow at a CAGR of 12.77%
A point of sale (POS) is a device used to process customer payments. Examples include cash registers you see at the grocery store. In this decade, POS systems can include apps on mobile phones.
Based on a report by Statista, the worldwide mobile POS Payments market is projected to reach $3.76 trillion in 2024 and is expected to grow at a CAGR of 12.77%, leading to a market value of $6.08 trillion by 2028.
The worldwide average transaction per user with QR code payment methods is expected to value around $2.26k
According to the same report by Statista, the worldwide average transaction value per user when using QR codes is expected to reach $2.26k in 2024.
China seems to be the main contributor to this value, as it is estimated that the country’s users have generated $1.721 billion in transaction value.
Several competing QR code payment apps are on the rise
With the growing popularity of QR code transactions come several apps that can be used to initiate payments. While PayPal is often cited as the most popular, a report by Juniper Research places AliPay as one of its key competitors.
Other QR code payment competitors from the report include:
- WeChat Pay
- Apple Pay
- Google Pay
- easypaisa
- LINE Pay
Dynamic QR codes have 64% of the market share
Dynamic QR codes are an advanced version of QR codes that include tracking features and encryption. This makes them the preferred QR code type for business owners.
This flexibility explains why QR code statistics for payments show that using dynamic codes makes up 64% of the QR code payment market.
According to a report by The Brainy Insights, the dynamic nature of codes like these allows business enterprises to design personalized payment experiences for their customers.
Part II. QR code payment statistics per region
45% of Americans were keen on using QR codes at restaurants
According to Coolest Gadgets, Americans were evenly divided when it came to using QR codes in restaurants. Based on the survey, 45% of respondents were interested, while another 45% were not.
On the other hand, TouchBistro reports that 70% of restaurants in the US are using QR codes for their menus and customer payments.
The European mobile POS payment market is expected to grow at a CAGR of 14.88%
Statista expects the European mobile POS payment market to grow at a CAGR of 14.88% by 2028, reaching a value of up to $1.129 billion.
The number of mobile POS users is also projected to number 187.7 million people by the same year.
93% of consumers in Southeast Asia make use of contactless payments
According to VISA, 93% percent of consumers in Southeast Asian countries use several kinds of cashless payment methods, including a QR code for payment.
Singapore leads the use of cashless payments in this region, with 97% of consumers opting for this method.
Over 90% of other countries' consumers also follow suit, namely Malaysia (96%), Indonesia (95%), and Vietnam (95%).
Consumers in other countries, such as Cambodia and the Philippines, are also starting to adopt QR code payment methods.
The African mobile POS market is expected to reach $179.30 billion in 2028
At a CAGR of 16.55%, projections by Statista predict that the African mobile POS market will reach $179.30 billion in value by 2028. In the same year, the region can also expect to see 179.30 million QR code payment users.
Mobile POS payment transactions in Australia and Oceania are expected to reach $106.60 billion by 2028
In another report by Statista, the transaction value of mobile POS payments in Australia and Oceania is expected to reach $106.60 billion by 2028.
This also comes with an increase in mobile POS users, who are estimated to number 7.69 million.
Part III. Factors in the adoption of QR code payments
Convenience cited as the main reason behind using QR code payments
When it comes to payment processing, QR codes offer efficiency and convenience to both seller and customer. Setting up a POS using this technology doesn’t require the use of anything more than a print of the QR code and a customer’s smartphone.
This is especially useful for small businesses as the growing popularity of QR code based payments makes saving money for other aspects of their brand much easier.
Severity of COVID-19 made QR code payments the safer method of transactions
Based on gathered reports for QR code statistics before and after COVID-19, QR code payments have been accepted as safer ways of paying for goods and services.
In fact, a study by the National Institutes of Health states that the virus’s severity and new societal norms influenced respondents to use QR code payments.
The customizability of QR codes makes them a versatile tool for businesses
Aside from being safe and convenient, QR codes can also be customized to fit the brand’s identity and aesthetic.
Using a QR code generator with logo makes QR codes even more effective at marketing businesses and reinforcing brand recognition in customers.
Part IV. Challenges and risks facing the use of QR code payments
Lack of awareness of QR codes
One of the main obstacles to the full adoption of QR codes is the lack of knowledge and awareness of the technology.
Paying with QR codes requires access to a phone and knowledge of mobile POS apps, which can be challenging for those who don’t have either one. This can lead to other customers preferring to stick with traditional methods of payment.
Limited functionality when Internet access is unavailable
Because QR code payments always require access to the Internet, a challenge in paying this way is its unavailability when there is no Internet access. This is especially prevalent in far-flung rural areas where setting up Internet connections is difficult.
QR codes can be used for fraud and phishing attempts
Fraudsters can cover up payment QR codes with one that can route the payment to another destination, such as their own mobile wallets.
Another malicious use of QR codes is by directing unsuspecting scanners to harmful websites or making them download dangerous software. This is known as quishing or QR code phishing.
Part V. Emerging trends in QR code payment technology
QR codes will be a necessary tool in the e-commerce business
In this day and age, more and more online businesses are moving towards using QR codes as methods of transactions. From healthcare to transport systems, QR codes are able to expedite payments between sellers and consumers.
The availability of online QR code platforms like QR TIGER also makes the technology very accessible to even small businesses.
In fact, Global Market Insights predicts that the e-commerce segment of the QR code payment market can expect a CAGR of 20% from 2024 to 2032.
Improved security measures will make QR codes safer to use
As more and more businesses turn to QR codes as an alternative mode of payment, new security measures will need to be implemented for the safety of the retailer and the customer.
Such measures include the use of dynamic QR codes that change with every transaction. Another example is the implementation of two-factor and biometric authentication to verify the payment before proceeding with the purchase.
QR code payment users are expected to surpass 2 billion by 2025
Based on a study by Juniper Research in 2021, the total number of QR code payment users is expected to reach 2.2 billion by the year 2025. This is thanks to the convenience and efficiency QR codes bring to transactions.
Create your QR codes with QR TIGER QR Code Generator
QR payment methods are on the rise as business owners and consumers take advantage of its many benefits. With the market’s ever-growing value, the world can expect the technology to have a permanent spot in every store’s point of sale.
Based on the latest QR code payment statistics, there’s no better time to start using QR codes than NOW.
Whether you plan to use them for your business or for personal use, you will always find a use for this version of the barcode. In fact, the technology is not only used for payments.
With over 15 QR code solutions, our platform has everything you would need for sharing data. Create your customized QR code with the most dynamic QR code software today!
Frequently Asked Questions
What is the trend in QR code based payments?
QR code payments are expected to see an upward trajectory in terms of use in the world of e-commerce.
What is the response rate of a QR code?
According to Marketing Dive, the average response rate to mobile action codes such as QR codes is 6.4%, which is 2% more than the response rate to direct mail.
Which country uses QR codes the most?
With almost 10 billion mobile devices used for QR code payments in 2022, China leads the world in QR code usage.
