Contactless To Drive QR Code Payments

The total number of QR code payment users will exceed 2.2 billion in 2025, up from 1.5 billion in 2020; equating to 29 per cent of all mobile phone users across the world in 2025, says a report from Juniper Research. The research says that the U.S. will see a strong growth of 240 per cent in user numbers between 2020 and 2025 as QR code payments tap into the need for cashless payments stimulated by the pandemic. The research identified PayPal’s roll-out of QR payments and its partnership with CVS as key drivers of the renaissance of QR payments within the U.S. market. It says the low-cost nature of these solutions will enable the growth of QR code payments to reach over $2.7 trillion globally in 2025. By 2025, national QR code payment schemes will account for 22 per cent of all QR code payments by volume, compared with just eight per cent in 2020.