QR code payments surge in Asia Pacific, due to reach $1.2tn by 2029
According to a new study from Juniper Research, QR code payment usage in Asia Pacific is projected to surge, with its value reaching $1.2 trillion by 2029.
This represents a 300% increase from $290 billion this year, with the region’s growth outpacing that of Europe and North America by a significant margin.
The report identifies countries like Vietnam, Indonesia and the Philippines as key drivers of this expansion. QR code payments, facilitated by digital wallets or account-to-account (A2A) transfers, are expected to displace cash transactions substantially in these nations, creating major opportunities for digital payment providers.
The research highlights the contrast with other regions, where Near-Field Communication (NFC) technology is gaining traction. However, in Southeast Asia, NFC is not expected to compete with QR codes due to high infrastructure costs and low card penetration. QR codes offer a low barrier to entry, requiring only a smartphone or terminal for scanning or displaying.
Daniel Bedford, the report’s author, pointed out a key challenge: the lack of interoperability among QR code payment systems compared to the universal standards of card payments. To fully capitalize on the potential of digital payments in Asia, Bedford emphasizes the need for collaboration among local wallets on common standards.
While initiatives like Alipay+ are improving wallet interoperability, the report suggests that more extensive efforts are needed. The report anticipates that regulators will continue to mandate interoperable QR code payments within their jurisdictions. However, broader, region-wide regulatory alignment will be necessary to overcome the interoperability issue.
The new research suite from Juniper Research provides a comprehensive analysis of the QR code payments market, including market analysis and forecasts for 61 countries. The dataset includes over 15,000 market data points and examines current and future market opportunities.
View the market research: https://www.juniperresearch.
