A new study by Juniper Research has projected that global QR code payment transactions will grow by 50%, reaching $8trn by 2029, up from $5.4trn in 2025.
The expansion is largely driven by the standardisation of national QR schemes and the growing implementation of Account-to-Account (A2A) payment initiatives.
Despite the anticipated growth of QR payments, Apple’s recent decision to allow third-party access to its Near-field Communication (NFC) technology is expected to increase competition. With iOS devices having a significant market share in North America and Europe, the report predicts that these regions will experience the most impact from the rise in NFC-based transactions.
The study highlights the importance of leveraging QR code payments’ distinct advantages to maintain their strong position in the market. Two key factors that continue to fuel QR adoption are lower operational costs and universal compatibility.
Juniper Research author Daniel Bedford said, “QR code infrastructure is cheaper and more accessible than traditional point-of-sale technology. 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.”
To capitalise on this rapid growth, the report recommends that QR code payment providers focus on tailoring their solutions to smaller businesses.
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