QR Codes Payment Market Size & Share 2025 – 2034

QR Codes Payment Market Size

The global QR codes payment market size was valued at USD 12.2 billion in 2024 and is estimated to grow at a CAGR of 18.7% from 2025 to 2034. The rise in digital payments is a key factor for market growth.

The digital payment adoption signifies the consumer’s changing preferences for faster payment methods. Digital payment is gaining popularity which in turn is leading to growth of the QR codes payment market. According to the Indian Department of financial Services, the digital payment transaction in India has grown from USD 2,200 million in the Financial Year (FY) 2013-14 to USD 1.9 billion in FY 2023-24. There is rising use of Unified Payment Interface (UPI), a platform that scans the QR codes for quick transactions.
 

The rising point of sale (POS) payment value reflect the growing demand for QR codes in various sectors. According to Statista, the transaction value for mobile POS payments increased from USD 9.4 trillion in 2023 to USD 10.8 trillion in 2024.
 

QR code payment is a form of contactless payment by scanning the QR code. QR code contain horizontal and vertical lines with dots and patterns, and it differs from traditional barcodes which generally contain horizontal lines. QR code payments supports faster and secure modes of payments. The payments through the QR codes are progressing with the rising consumer preferences for digital payment methods. The implementation of QR codes is simple and they are used in various prominent sectors such as retail, and finance.
 

QR Codes Payment Market Trends

• QR codes payment are increasing collaborations between countries for the purpose of bridging the correspondence gap among economies. For instance, in December 2023, through collaboration, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) launched their cross-border QR codes payment systems, called as FPS x PromptPay Link.  The aim was to provide secure and faster retail payments services for the travelers in the 2 countries.
   
• The banking sector is pushing for the adoption of QR code based digital payments. For instance, in November 2024, the National Bank of Ethiopia (NBE) mandated all the digital payments service providers to adopt the Standard for Interoperable QR Code Payments which came into effect from December 2024.
   

QR Codes Payment Market Analysis

Based on offerings, the QR code payment market is divided into solution and services.
 

• The solutions segment was valued at USD 7.9 billion in 2024, owing to both static and dynamic QR codes which are gaining traction in the current dynamics of payment solutions. According to recent survey commissioned by MasterCard, more than 50% of the transactions in India were done through the QR codes. This shows the rising adoption of QR codes payment solution by the end users. There is an integrated dynamic QR based payment options used in restaurants with the menu. It is much prevalent in the U.S. and Europe.
   
• The services segment is anticipated to grow at a CAGR of 19.6% through 2034. The expansion of cross-border payments has led to an increase in service offerings across various countries. For instance, in March 2025, UnionPay International (UPI) has partnered with Thailand-based payment firm National ITMX Co., Ltd (NITMX) to provide enhanced QR code payment services.
   

Based on payment type, the market is bifurcated into push payment and pull payment.
 

• The push payment segments is projected to reach USD 36.8 billion by 2034. The increasing preferences for real-time and instant payment reflect the growth in push payments through QR codes. Real-time payment networks such as India’s UPI, Singapore’s Fast and Secure Transfers (FAST) and Brazil’s PIX drives the QR-based push payments market. In these payments, customers have direct control over transactions.
   
• The pull payment segment is expected to grow at a CAGR of 19% till 2034. The expansion of recurring bill payments and auto-debit services has led to the development of pull payments. QR-based payments are increasingly used for recurring expenses such insurance premiums, EMI payments, and utility bills.
   

Based on the Transaction channel, the QR codes payment market is classified into Face-to-Face (F2F) and remote transactions.
 

• Face-to-Face (F2F) transaction market through QR codes is predicted to hit USD 40.1 billion by 2034. The rise of contactless retail payments in physical stores marks the growth of Face-to-Face (F2F) transaction channel where retailers, vendors and local vendors use the QR codes to speed up the transaction process.
   
• Remote market transactions are projected to grow at a CAGR of 20.1% till 2034. The rising e-commerce payments demand is fueling the remote QR transactions. The online retailers are leveraging the remote transaction channel and achieving substantial business growth.
   

Based on end-use, the market is segmented into hospitality, retail & e-commerce, transportation, healthcare, utilities, education and others.
 

• By 2034, the hospitality market is expected to reach a value of USD 13.5 billion. The rising integration of QR-based payments for check-ins, room services such as dining and quicker check-outs marks the growth of the QR code payments in the hospitality sector.
   
• Retail & e-commerce market in QR codes payment is projected to grow at a CAGR of 23.9% in the forecast period. Retailers are advancing in the market with the changing dynamics of payment solutions. The integration of QR codes through the buy now, pay later (BNPL) services reflect the growing demand for QR-based codes in the retail market. Similarly, the e-commerce market is also gaining traction, where the e-commerce transactions are getting replaced from cash-on-delivery to QR-based digital payment.
   

• In 2024, the U.S. QR codes payment market was valued at USD 3.5 billion. The country is progressing in the market with the rise in the adoption of faster payment methods. In April 2024, U.S. Faster Payments Council (FPC) released a report on how QR codes address the last mile adoption of faster payments at the point of sale. FPC remains committed to drive the adoption of QR codes payments within the country through engaging industry stakeholders.
   
• The QR codes payment market in UK is anticipated likely to exceed USD 2.9 billion by 2034. The country is embracing the changing dynamics in the payment methods. Companies within the country are offering payment solutions that involve QR codes, thus making the transaction fast as well as secure for its users. For instance, Pay by QR developed by Gala Technology Limited and powered by SOTpay allows customers to make payments through their smartphones easily in UK.
   
• The Chinese QR codes payment market was valued at USD 1.5 billion in 2024. China has been spearheading in the adoption of faster payment methods and the country is making significant approaches to provide ease of transaction to the travelers to other countries. For instance, in December 2024, Lao National Payment Network Company Limited (LAPNet) and China’s UnionPay International (UPI) made agreement for the introduction of QR code-based systems for the purpose of connecting two country’s payment networks.
   
• The QR codes payment market in India is expected to grow at a CAGR of 21.6% in the forecast period. The country marks the shift towards digital payment options and thus creates vast opportunities for the market growth. Banks are making active participation in the fast payment methods. For instance, in July 2023, HDFC bank launched its UPI QR code interoperable with India’s digital currency, Central Bank Digital Currency (CBDC).
   
• The QR codes payment market in Japan is anticipated to grow at a CAGR of 19.1% in the forecast period. The Japanese government is making significant progress in developing the QR code payment services, resulting in broader adoption of QR code payments across the country.
   
• The market for QR codes payment in Australia is expected to grow and reach a value of USD 1.3 billion by 2034. There is high usage of mobiles for digital payments in the country. The Reserve Bank of Australia (RBA) highlighted that around 500 million payments were made through mobile wallets in October 2024.
   
• The market for QR codes payment in South Korea is predicted to grow at a CAGR of 18% till 2034. The cross-border payment option through QR codes is gaining momentum and thus providing opportunities in the market. In September 2024, South Korea and Cambodia together launched cross-border payment systems. It allows customers of Jeonbuk Bank in South Korea to make smooth and fast payments to merchants in Cambodia using Bakong (KHQR) QR codes.
   

QR Codes Payment Market Share

The QR codes payment industry is driven by intense competition, with players in the market developing quicker payment solutions through QR codes. The top 5 companies in the QR codes payment industry are PayPal, Inc., Revolut Ltd, Block, Inc. (Square), Mastercard Incorporated, Clover Network, LLC and they together constituted a market share of 26.2% in 2024. These companies are progressing in the market by attracting the merchants to adopt the QR codes payment methods.
 

The retail, hospitality, finance and e-commerce sectors drive the QR code adoption with firms competing to onboard more merchants. To remain ahead the companies are making strategic collaborations and offering multi-currency cross border transaction support services to provide convenience to the travellers to different countries. The market is competitive, and players are evolving through strategic acquisition. The acquisitions are made to leverage the potential and develop the QR codes payment solutions.
 

QR Codes Payment Market Companies

The top 5 companies operating in the QR codes payment industry are:

• PayPal, Inc.
• Revolut Ltd
• Block, Inc. (Square)
• Mastercard Incorporated
• Clover Network, LLC
   

PayPal Inc. has positioned itself as a secure and widely accepted user-friendly QR code payment provider. It has strong security features and has a customer base of around 430 million across 200 markets. PayPal Inc. processed USD 1.7 trillion total payment volume in 2024. Merchants can easily link the PayPal QR payments with their existing PayPal business accounts.
 

Block, Inc. (Square) offers frictionless digital payment with secure and contactless transaction for business of all sizes. It has strong presence in small business payments, restaurants self-services and e-commerce which makes it a top choice for merchants that are seeking for scalable QR code payments solutions.
 

QR Codes Payment Industry News:

• In May 2024, Fintech company PhonePe came into partnership with Sri Lanka-based LankaPay to support the UPI transaction in the nation. With the collaboration the PhonePe users can make payments via UPI at LankaPay- affiliated merchant stores across the country.
   
• In October 2023, Karnataka Vikas Grameena Bank (KVGB) in India brought its Merchant QR code facility with the focus to promote cashless economy and help the users make fast payments with enhanced security.
   
• In July 2024, QNB, one of the largest financial institutions in the Middle East and Africa made agreement with NPCI International Payments Limited (NIPL) to enable QR code-based UPI merchant payments across Qatar. The partnership aids the Indian tourists to use their preferred payment methods at retail stores, duty-free shops, and hotels.
   

The QR codes payment market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2034 for the following segments:

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Market, By Offerings

• Solution
  • Static QR code
    • Merchant-presented QR code
    • Customer-presented QR code
  • Dynamic QR code
• Services

Market, By Payment Type

• Push payment
• Pull payment

Market, By Transaction Channel

• Face-to-face
• Remote

Market, By End Use

• Hospitality
• Retail & e-commerce
• Transportation
• Healthcare
• Utilities
• Education
• Others

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE