Transportation Spending via QR Codes Expected to Triple by 2028

The value of QR code payments in the transportation market will increase by 176% over the next five years, with China, India, and Malaysia being market leaders, according to Juniper Research. This growth is being catalyzed by governments’ use of QR payments to foster financial inclusivity; enabling widespread QR code payment acceptance, critical for growth.

The benefits of QR-based payments for transportation are numerous, but the greatest obstacle is the lack of interoperability between transport operators. The most successful markets are those with national QR standards or extensive cultural integration of QR-based payments. The report recommends that this model be adopted in other markets; creating coalitions between payment providers and transit authorities, and enabling services like tap-in-and-out QR codes.

QR-based payments are sparse across the West relative to the rest of the world, especially in transportation. However, Stockholm’s public transport agency has accepted QR-based payments across the city’s transport services since 2021, alongside NFC contactless, as Sweden shifts towards a cashless society.

Despite NFC’s success in Western markets, QR codes are used as tickets for transport across many other countries, so there is potential, especially for transport operators that wish to accommodate tourists that primarily use QR-based payments. QR payment vendors in the West should partner with transit operators to foster acceptance of QR payments; emphasizing the ease of integration and the potential of value‑added services like transport discounts through digital wallets, not possible through NFC.