QR Code Payments to Exceed $8 Trillion by 2029

A new study from Juniper Research has found that the value of QR code payments will grow by 50% globally in the next four years. The study suggests that they would grow from $5.4 trillion in 2025 to over 8 trillion in 2029.

The standardization 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. The report predicts 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, and universal compatibility.

“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,” explained research author Daniel Bedford. The research recommends that QR code payment vendors must tailor their offerings for smaller businesses to capitalize on this growth. The low implementation costs were identified as a compelling differentiator over NFC payments, especially for merchants operating in developing markets.