QR payments value to exceed $8t in 2029

Standardisation of national QR schemes and Apple’s NFC are key factors that will influence this space.

The cumulative value of payments done via QR codes globally is expected to exceed $8t in 2029, according to a study by Juniper Research.

This is a 50% growth from the $5.4t in value expected to be recorded in 2025.

The standardisation of national QR schemes and account-to-account (A2A) payment initiative will be a key factor in driving QR payment adoption, Juniper Research said.

Apple’s opening up of third-party Near-field Communication (NFC) access will increase competition, as consumers will have wider access to NFC-based options. This is expected to increase competition especially in North America and Europe, where iOS products have the highest market share.

The research anticipates that accessibility and affordability will be vital for establishing the presence of QR codes in NFC-dominated markets.

“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,” saidJuniper Research’s Daniel Bedford, research author.