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According to a recent study by Juniper Research the total number of QR code payment users will grow from 1.5 billion to 2.2 billion by 2025. While much of this growth is predicted to be within emerging markets, the US is poised to see growth of over 240% between 2020 and 2025.
From contactless cards, mobile wallets to QR codes, transition-to-mobile technologies have seen an increase in adoption due to the COVID-19 pandemic. According to the study, PayPal’s recent roll-out of QR code payments with CVS was a significant driver of QR payments in the United States. With the solution PayPal users can simply open up their Paypal app and have a cashier scan the custom QR code for instant payment. Due to the low-cost nature of the solution, Juniper Research predicted growth of QR code payments to reach over $2.7 trillion globally in 2025.
The research also identified that the ability to combine payments and loyalty programs with the QR codes made them an ideal solution for retailers looking to leverage valuable transactional data.
As shoppers become more familiar with QR code technology it will be up to retailers to unlock the power of the technology to provide customers with high quality, innovating shopping experiences and the opportunity to interact with the brand on their terms, on the comfort and security of their mobile device. Versatile Credit’s Snap Sign technology blends traditional store signage with dynamic, digital QR codes that help retailers and lenders ensure a strong guarantee of an applicant’s in-store presence.
Juniper Research has a free case study available called QR Code Payments: Beyond China & India, available here.