QR Code Payments Market Set to Boom at 18.7% CAGR

The Global QR Codes Payment Market reached USD 12.2 billion in 2024 and is projected to grow at a CAGR of 18.7% between 2025 and 2034.

The increasing shift toward digital payment methods is driving this growth, as QR code payments provide a seamless, secure, and efficient way to conduct transactions.

The rapid adoption of mobile wallets and contactless payments, coupled with the rising demand for faster and safer payment solutions, is fueling the market’s momentum.

QR code payments are becoming a preferred choice for businesses and consumers alike, offering versatility across various industries, including retail, hospitality, healthcare, and transportation.

QR Codes Payment Market

As more consumers seek frictionless payment experiences, businesses are responding by integrating QR code-based systems into their point-of-sale (POS) operations.

Governments and regulatory bodies are also promoting the adoption of digital payments to encourage financial inclusion, further accelerating the use of QR code payments globally.

This trend, combined with ongoing technological advancements and the integration of artificial intelligence (AI) and blockchain technology, is positioning QR code payments as a key driver of the digital payments ecosystem.

QR Codes Payment Market Trends

• QR codes payment are increasing collaborations between countries for the purpose of bridging the correspondence gap among economies. For instance, in December 2023, through collaboration, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) launched their cross-border QR codes payment systems, called as FPS x PromptPay Link.  The aim was to provide secure and faster retail payments services for the travelers in the 2 countries.
• The banking sector is pushing for the adoption of QR code based digital payments. For instance, in November 2024, the National Bank of Ethiopia (NBE) mandated all the digital payments service providers to adopt the Standard for Interoperable QR Code Payments which came into effect from December 2024.

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