QR code payments set to reach $8 trillion, but NFC Competition looms
Global QR code payment transactions are projected to surge by 50% over the next four years, reaching $8 trillion by 2029, according to a new study by Juniper Research.
This explosive growth is fueled by the standardization of national QR schemes and the rise of Account-to-Account (A2A) payment initiatives.
Despite this anticipated boom, the future of QR code payments faces a potential challenge from Apple’s recent decision to open up Near-field Communication (NFC) access to third-party providers. Juniper Research predicts that this move will intensify competition, particularly in North America and Europe, where iOS devices hold significant market share. The increased availability of NFC-based payment options could sway consumers away from QR codes.
The key to QR codes’ continued success, especially in NFC-dominated regions, lies in accessibility and affordability. QR code payments offer two distinct advantages: lower operational costs and universal compatibility. Their infrastructure is significantly cheaper and more accessible than traditional point-of-sale (POS) systems.
“QR code infrastructure is cheaper and more accessible than traditional point-of-sale technology,” explains research author Daniel Bedford. “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.”
Juniper Research recommends that QR code payment vendors focus on tailoring their services to meet the specific needs of smaller businesses. Highlighting the low implementation costs compared to NFC payments will be crucial, especially for merchants in developing markets.
By capitalizing on these advantages, QR code payment providers can solidify their position in the rapidly evolving digital payments landscape and mitigate the competitive threat posed by increased NFC accessibility.
Find out more about the report: Global QR Code Payments Market 2025-2029, or download a free sample.
