A new study by global tech strategist Juniper Research has revealed that the number of retail QR code payments worldwide will increase by 79% over the next five years; rising from 454 billion in 2025 up to 741 billion in 2030.
The research found that the success of QR code payments stems from their low deployment costs and transaction fees; driving adoption amongst small and medium-sized enterprises. Furthermore, the report pinpointed national standardisation as a key driver of the increased use of QR code payments.
Hasty QR Code Innovations Require Caution
Government and national payment schemes are heavily encouraging advanced QR code innovations, such as dynamic QR codes that enable rich transactional data and real-time updates. However, as QR code adoption accelerates, particularly in emerging markets, vendors must remain vigilant about the unique security risks these technologies introduce.
According to Thomas Wilson, Senior Analyst at Juniper Research, “In unattended and open environments, QR code payments are highly vulnerable to phishing attacks. It is essential that uniform QR payment standards featuring strict security controls are implemented across regions, as well as the adoption of technologies such as biometric verification by vendors to toughen their offerings.”
The report identified QR codes as also having a major impact beyond emerging markets. The UK Government has indicated support for QR payments as a component of its National Payments Vision; recognising them as a cost-effective way to increase financial inclusion and encourage digital wallet adoption among SMEs. As such, vendors must also look beyond existing QR deployments to capture future revenue.
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