A new study from Juniper Research, has found that the value of QR code payments will grow by 50% globally from $5.4 trn in 2025. However, Apple’s opening of third-party Near Field Communication (NFC) access will increase competition as consumers will have wider access to ‘tap and pay’ options.
Find out more about the new report: Global QR Code Payments Market 2025-2029, or download a free sample.
Driving adoption
Despite the Apple NFC threat, the standardisation of national QR schemes and Account-to-Account (A2A) payment initiatives will be a key factor in driving the adoption of QR code payments.
However, the report also predicts that the increased competition from Apple and NFC will be most felt in North America and Europe, where iOS products have the highest market share. In other regions, the QR code option – on and offline – remains high. The research anticipates that accessibility and affordability will be vital for establishing the presence of QR codes in NFC-dominated markets.
The QR code edge
QR code payments hold distinct advantages over NFC technology, which contribute to their continued growth and widespread adoption. The two primary factors driving the sustained appeal of QR codes; making them an accessible and versatile solution for both businesses and consumers, are:
- Lower operational costs
- Universal compatibility
Research author Daniel Bedford explains: “QR code infrastructure is cheaper and more accessible than traditional point-of-sale technology. It lowers the barrier to entry for smaller vendors, such as street vendors, drivers, and independent workers, to readily accept payments, which helps to drive financial inclusion.”
The research recommends that QR code payments vendors must tailor their offerings for smaller businesses to capitalise on this growth. The low implementation costs were identified as a compelling differentiator over NFC payments, especially for merchants operating in developing markets.
