- Juniper Research projects that global QR code payments will grow by 50%, reaching $8 trillion by 2029, up from $5.4 trillion in 2025.
- This growth is driven by national QR standardisation and the rise of Account-to-Account payment initiatives, enhancing financial inclusion.
What happened: QR Code payments set for explosive growth
A recent study by Juniper Research forecasts that global QR code payment transactions will surge by 50%, reaching an impressive $8 trillion by 2029, up from $5.4 trillion in 2025. This growth is largely driven by the standardisation of national QR schemes and increased adoption of Account-to-Account (A2A) payment initiatives.
As mobile payments gain traction, QR codes have emerged as a cost-effective solution that simplifies transactions for both consumers and vendors. Additionally, Apple’s decision to allow third-party access to its Near-field Communication (NFC) technology may intensify competition in this space, particularly in North America and Europe, where iOS devices hold a significant market share.
By capitalising on the advantages of QR code payments, such as lower operational costs and universal compatibility, the market is set for rapid expansion.
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Why it’s important
The projected growth of QR code payments signifies a transformative shift in how consumers engage with financial transactions. As QR codes become increasingly prevalent, they empower smaller vendors, including street merchants and independent workers, to accept payments with minimal overhead.
This capability significantly enhances financial inclusion, allowing underserved populations to participate in the digital economy.The rise of QR payments aligns with broader trends in digital finance, including the rapid adoption of mobile wallets and the growing demand for contactless solutions.
As consumers seek more convenient and secure payment methods, QR codes offer a viable alternative, particularly in regions where traditional banking infrastructure is lacking.The impact of this growth resonates beyond just payment solutions; it underscores a significant shift in consumer behaviour and retail strategies.
Businesses are now more inclined to invest in digital payment technologies to remain competitive. The evolution of QR codes is also a reminder of the importance of adaptability in the fast-paced fintech landscape. As companies like Apple and various payment providers innovate, they create an environment ripe for collaboration and competition, ultimately benefiting consumers with more options and better services.
