QR Code Payments to Reach $3 Trillion Globally by 2025

A new study from Juniper Research has predicted that the global spend using QR code payments will reach over $3 trillion by 2025; rising from $2.4 trillion in 2022. This growth of 25% will be driven by the increasing focus on improving the level of financial inclusion in developing regions and providing alternatives to established payment methods in developed regions.

The research reviewed the top 15 QR code payments vendors in the market and evaluated the key factors that led to their respective success. The top 5 vendors were ranked as below:

1.    Alipay
2.    PayPal
3.    WeChat Pay
4.    Google Pay
5.    UnionPay International

Juniper Research has ranked Alipay as the leader in QR code payments, having built upon its early-mover advantage to create a portfolio of strong features, including loyalty schemes, online payments, and a food delivery service in the QR space. The report suggests that competitors emulate Alipay’s strategy to create a valuable ecosystem that revolves around QR code payments capabilities, such as loyalty schemes.