QR Code Payments Market Report 2026

The qr code payments market size has grown rapidly in recent years. It will grow from $17.58 billion in 2025 to $21.03 billion in 2026 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to expansion of smartphone-based banking apps, growth of mobile internet access, increasing adoption of digital payment platforms, rise of peer-to-peer payment usage, government promotion of cashless payments.

The qr code payments market size is expected to see rapid growth in the next few years. It will grow to $41.04 billion in 2030 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to growing integration of qr payments with super apps, rising cross-border qr payment interoperability, expansion of qr-based transit payments, increasing focus on real-time settlement systems, adoption of advanced fraud prevention mechanisms. Major trends in the forecast period include increasing adoption of qr-based merchant payments, rising use of mobile qr wallet applications, expansion of push-based payment transactions, growing acceptance in small and micro merchants, enhanced focus on low-cost payment infrastructure.

The growing significance of digitalization is expected to propel the growth of the QR code payments market going forward. Digitalization converts information, data, or physical objects into a digital format that computers can quickly process, store, and transmit. Digitalization enables businesses to provide personalized and convenient experiences to customers through online platforms, mobile apps, and digital services, improving customer satisfaction and retention. QR code payments are a powerful tool in the digitalization of financial transactions that enhance accessibility, convenience, and security while also supporting contactless interactions, financial inclusion, and integration with other digital services. For instance, in July 2025, according to the Bangko Sentral ng Pilipinas, a Philippines-based central banking authority, digital retail payments accounted for 57.4% of total transaction volume in 2024, marking a year-on-year increase of 4.6 percentage points from 2023. Therefore, the growing significance of digitalization is driving the growth of the QR code payments market.

Major companies operating in the QR code payments market are focusing on developing innovative solutions such as offline QR code-based systems to enhance transaction accessibility in areas with limited or no internet connectivity. Offline QR code-based systems refer to QR code technology that can be scanned and accessed without requiring an internet connection. For instance, in April 2024, CRED, an India-based technology company, launched offline UPI-based Scan and Pay. A new offline UPI-based 'Scan and Pay' service allows users to scan QR codes and pay directly from their bank accounts at select merchant outlets. The service aims to cater to high-end retail stores, including supermarkets and fashion outlets, with different payment device options for merchants.

In October 2023, European Payments Initiative, a Belgium-based payments company, acquired Payconiq International for an undisclosed amount. With this acquisition, European Payments Initiative aimed to strengthen its pan-European digital payments strategy by expanding its capabilities in account-to-account and QR code-based proximity payments to support the rollout of a unified European digital wallet. Payconiq International is a Belgium-based payments technology company that specializes in providing mobile QR code payment solutions enabling consumers and merchants to conduct secure account-to-account transactions across European markets.

Major companies operating in the qr code payments market are Apple Inc, Google LLC, Samsung Electronics Co Ltd, Alibaba Group Holding Ltd, Tencent Holdings Ltd, PayPal Holdings Inc, Block Inc, Square Inc, Visa Inc, Mastercard Inc, UnionPay International Co Ltd, Alipay, WeChat Pay, Grab Holdings Inc, GoTo Group, Paytm, PhonePe, Safaricom PLC, Mynt, PayMaya Inc, Venmo, ACI Worldwide Inc.

Asia-Pacific was the largest region in the QR code payments market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the qr code payments market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the qr code payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The QR code payments market consists of revenues earned by entities by including merchant services, peer-to-peer payment services, and inventory management. The market value includes the value of related goods sold by the service provider or included within the service offering. The QR code payments market also includes sales of consumer payment apps and tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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