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QR Codes Payment Market Trends

Report ID: GMI10029
Published Date: Jun 2024
Report Format: PDF

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QR Codes Payment Market Trends

The proliferation of QR code payments beyond traditional retail is one of the emerging trends in the market. QR code payment systems are being adopted by industries such as healthcare, transportation, and education at a growing rate. QR codes are being used in the transportation industry to provide frictionless fare payments for public transportation systems, as well as in the healthcare industry to enable expeditious and contactless payment for medical expenses. They are also being used by educational institutions for other transactions, such as fee payments.

The application range of QR code payments is increasing across various businesses, making them a flexible and commonplace payment option.

Another important trend in the QR code payment market is improved security measures. Payment providers are using real-time transaction monitoring and cutting-edge encryption technologies to address concerns about fraud and tampering. Dynamic QR codes are being implemented to reduce misuse and boost security, which change after every transaction. Furthermore, two-factor authentication and biometric verification techniques are being incorporated into QR code payment procedures to give users more security and foster system confidence. These developments in security are essential for promoting broader adoption and guaranteeing secure transactions
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The integration of QR code payments with emerging technologies, such as blockchain, AI, and the Internet of Things (IoT), is becoming increasingly common. While AI can be used to examine transaction trends and spot fraudulent activity, blockchain technology enables QR code transactions with increased security and transparency. Smart appliances and wearable technology are examples of IoT gadgets that are being outfitted with QR code payment capabilities. This makes payment experiences more inventive and convenient. The evolution of QR code payments is being driven by this integration with cutting-edge technologies, making them more effective and flexible to emerging trends.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of QR codes payment reached USD 10.4 billion in 2023 and is set to witness over 15% CAGR from 2024 to 2032, owing to its integration with loyalty programs and discounts.

The retail & e-commerce end-use segment in the QR codes payment industry is projected to witness 20% CAGR from 2024 to 2032, as it improves the shopping experience for both customers & retailers.

The push payment segment in the QR codes payment market is projected to amass more than USD 25 billion by 2032, due to the increasing public awareness campaigns and subsidy facility for merchants.

Asia Pacific market recorded over 35% share in 2023, led by the presence of sizable, tech-savvy populace with a high smartphone penetration rate.