Market Snapshot:
QR Scan payment also known as QR Code Payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an option to using a payment terminal to conduct an electronic funds transfer at the point of sale. By doing this, a lot of the infrastructure often used for electronic payments, such as payment cards, payment networks, payment terminals, and merchant accounts is avoided. The customer uses their smartphone to scan the merchant's displayed QR code to make a payment for their purchases using a QR code. This is a more secure card-not-present method than others.
Highlights from QR Scan Payment Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are PayPal (United States), Google (United States), Barclays (United Kingdom), Line Pay (Japan), BharatPe (India), SimplyPayMe (United Kingdom), Paytm (India), Revolut Ltd. (United Kingdom), UnionPay (China) and Square Inc. (United States). Additionally, other players that are part of this comprehensive study are Tencent (China).
Geographic Breakdown and Segment Analysis
The Global QR Scan Payment market presents a comprehensive analysis of the QR Scan Payment market by product type (Static Style QR and Dynamic Style QR), by end-user/application (Enterprises, Individuals and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global QR Scan Payment industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the QR Scan Payment market
Analyst at AMA have segmented the market study of Global QR Scan Payment market by Type, Application and Region.
Influencing Trend:
Innovation of New Online Payment Software Applications and Rapid Uses of Artificial Intelligence in QR Scan Payment
Market Growth Drivers:
Surge in Demand in Fast and Secure Payment Transactions and Rising Demand in Affordable and Reliable Payment Options
Challenges:
Lack of Knowledge about QR Scan Payment Among Individuals, Low Penetration in Rural Regions and Lack of Internet Connectivity for QR Scan Payment
Restraints:
Hacking and Payment Security Issues Associated with QR Scan Payment
Opportunities:
Innovation of Fifth Generation (5G) Technology and Growth in Information Technology Infrastructure
On 12 May 2022, Award-winning global payments company, SimplyPayMe, has announced the launch of their new QR (quick response) code payments system. Devised to facilitate faster touch-free digital payments, the new system allows businesses to create QR codes for instant customer payment without having to manually enter or share their card details. Quick and secure, this payment option allows customers’ to pay without any level of contact, just using their phone camera. QR code payments are the next step in the progression of the digital payments industry.
Regulatory Insights:
On 19 October 2020, The Regulation on Generation and Use of TR QR Code in Payment Services (“Regulation”) prepared by the Central Bank of the Turkish Republic (“Bank”) has been published in the Official Gazette dated 21 August 2020 and numbered 31220, entering into force on the same date. The Regulation determines the procedures and principles for services fall into the scope of payment services within the scope of the Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions numbered 6493 (“Law”) and rendered by using a QR Code, besides generation of TR QR Code.
The market for QR Scan Payment is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as service innovation and using various marketing strategies to gain a higher market share.
Key Target Audience
QR Scan Payment Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others