For the last few years, QR code payment options have been extensively in use by retailers and grocery providers alike, which in turn has boosted the global QR code payment market in more than one way. Customers can now shop easily through contactless payments, and as a hassle-free transaction service, there’s been a huge adoption of QR code payment services among merchants. At the same time, the increase in the use of smartphones & rise in faster connectivity has supplemented the market growth yet more.
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According to Allied Market Research, the global market for QR codes payment is projected to quote a striking CAGR from 2021 to 2030.
Both the developed and developing nations happen to provide lucrative opportunities for the QR code payment companies to magnify their offerings owing to factors such as rapid urbanization, growth in the income level of middle-class people, the surge in the number of literate individuals, and the emergence of the tech-savvy youth generation. Also, several initiatives toward digitalized payment options have been highly beneficial for the QR code payment market.
Australian Payments Network, for example, has recently put out guidelines for QR (Quick Response) codes as a payment option. The guiding principle will be intended for financial establishments, payment service suppliers, wholesalers, dealers, and other payments industries.
The guidelines by AusPayNet for QR-code payments stick to extensive public use of QR codes in the country to facilitate contact tracing throughout the global health crisis, i.e. the COVID-19 pandemic. It also supports the rapid use of QR codes in payments even in foreign lands, especially in Asia. Keeping in tab with a whitepaper from Juniper Research, the total number of QR code payment users globally will surpass more than two billion by the year 2025, similar to almost around twenty-nine percent of all mobile phone users across the world.
The rising inclination toward QR codes for payment transactions has been issued out mainly owing to their ready implementation by consumers utilizing a smartphone and the fact that QR code payments do not really require explicit acceptance expedients or hardware has happened to reduce all the barriers for the merchants. QR codes also permit abundant data to be encrypted in a payment transaction, making them highly useful when transactions are related to reconciliation applications.
There’s definitely no doubt that the QR code payment industry keeps on developing at a fast pace to dole out highly effective means of digital payment to consumers. The industry participants across the world are also adapting the avant-garde technology to offer an array of payment methods with highly secured transactions to the customers.
