The QR Code Payment market is projected to expand at a CAGR of 17.4% from 2025 to 2031. With the expansion of QR code payment systems in recent years, financial transactions have experienced an extreme change over the years. QR code payments have increased in numerous aspects of daily life, including retail shopping, bill payments, and other areas. This technology has become prevalent owing to its extensive acceptance across numerous industries. The features of QR codes comprise improved security, scalability, seamless user experience, and ease of use.
QR Code Payment Market Analysis
The QR code payment market has seen an increase in adoption in recent years, driven by numerous factors. One of the important drivers is the growth of smartphone usage, predominantly in developing countries such as India. As more individuals gain access to affordable smartphones, they are progressively turning to QR code payments as a suitable and easy way to make transactions. Furthermore, the fast adoption of digital payments is another foremost driver fueling the market growth. With consumers gradually moving away from cash and towards electronic payments, merchants are looking for novel ways to provide digital payment options. QR code payment delivers a cost-effective and simple way to make transactions without needful costly point-of-sale terminals or other hardware.
QR Code Payment Market Industry Overview
- A Quick Response (QR) code is a two-dimensional code that is capable of 360-degree (omni-directional) high-speed reading and stores a larger amount of information per unit area. It has a pattern of black squares that are arranged on a square grid with a white background and imaging devices, such as smartphone cameras, that can be used to read these QR codes.
- While scanning a QR code, the horizontal and vertical patterns of the matrix are decoded by the software on a smartphone and are further converted into a string of characters. Depending on the command of those characters, the smartphone opens a browser link, confirms payment information, and verifies geolocation.
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QR Code Payment Market: Strategic Insights
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
QR Code Payment Market: Strategic Insights


Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

QR Code Payment Market Driver and Opportunities
Rapid Adoption of QR Code Payments among Merchants to Drive the QR Code Payment Market
- Numerous businesses engage in providing an extensive range of goods and are increasingly providing QR code payment market options to their customers. For instance, in China, the merchant generates both the invoice of a particular amount & the QR code and displays the QR code on the screen of the smartphone.
- Furthermore, the customer scans to pay the merchant through the generated QR code from their mobile wallet application. Furthermore, millennials are the major target customer segments for merchants, as they largely use smartphones for making purchases, which propels the growth of the QR code payment market.
Surge in Adoption of QR Codes Payment Services in Developing Economies to Create Lucrative Market Opportunities
- Developing economies, such as China and India, have a high penetration of smartphones along with increasing 3G and 4G connectivity users. In addition, both countries account for more than one-third of the world’s population, thus posing the maximum market potential for the QR code payment market. It is anticipated that approximately 90% of the population under the age of 30 years reside in these emerging markets. Growth in the middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation would increase the consumption rate in emerging economies, thus leading to the QR codes payment market growth.
QR Code Payment Market Report Segmentation Analysis
The key segments that contributed to the derivation of the QR code payment market analysis are offerings, solutions, payment type, transaction channel, and end-user.
- Based on Offerings, the market is segmented into solution and services.
- The solution segment dominated the market in 2023. The QR code payment system is generally customizable, which means that it can be personalized to the precise needs of a business, such as integrating with online stores or existing POS systems.
- The dynamic QR code held prominent market share in 2023. Dynamic QR codes can be generated in real time and can hold different data or amounts depending on the transaction, making them extremely versatile. The flexibility allows businesses to generate personalized payment experiences for their clientele, such as offering promotions or discounts based on customer data or purchase history.
- Based on payment, the market is bifurcated into push payment and pull payment.
- Based on transaction channels, the market is segmented into face-to-face and remote.
- End-User (Restaurant, Retail & E-commerce, E-ticket Booking, and Others.
QR Code Payment Market Share Analysis By Geography
- The scope of the QR code payment market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The North America regional market is projected to grow at a substantial CAGR during the forecast period. The market growth growth is attributed to numerous factors, such as high smartphone penetration, robust financial infrastructure, and the popularity of digital payments. With a developed and mature economy, North America has an affluent and large consumer base that values speed and convenience in payment transactions.
QR Code Payment Market Report Scope
QR Code Payment Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the QR code payment market. Some of the recent key market developments are listed below:
- In December 2022, Brazil based QR code technology and instance payment solution provider to financial institutions, Matera, announced the launch of its operations in the US and established new headquarters in San Francisco to expand its business presence. [Source: Matera, Company Website]
QR Code Payment Market Report Coverage & Deliverables
The QR code payment market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "QR Code Payment Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.

Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
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to segments covered.

Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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to country scope.
Frequently Asked Questions
Asia Pacific is anticipated to grow with a high growth rate during the forecast period.
The major players holding majority shares are Clover Network, LLC, PaymentCloud, Nearex Pte Ltd., Revolut Technologies Inc., and ACI Worldwide
Growth in digital payment and increasing demand from emerging economies in the global QR code payment market.
Increasing adoption among merchants, and product developments are the major factors that propel the global QR code payment market.
The global QR code payment market was estimated to grow at a CAGR of 17.4% during 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.