A new study from Juniper Research has found that the value of QR code payments in Asia Pacific will grow by 300% by 2029; up from $290bn this year. Asia Pacific continues to grow at twice the rate of Europe and North America.
Countries including Vietnam, Indonesia, and the Philippines are leading this growth. QR code payments, powered by wallets or account-to-account (A2A) payments, will heavily displace cash use in these nations; presenting a key opportunity for digital payments providers.
NFC’s Weakness in Asia Creating Significant Opportunity
Near-field communication (NFC) technology is gaining traction in more developed markets, however we expect that NFC will fail to challenge QR codes in Southeast Asia. High infrastructure costs and low card penetration mean that NFC payments create poor market prospects; with QR being well placed to lead payment digitalisation efforts. QR codes only require a smartphone or terminal to either scan or display a code; representing a very low barrier to entry.
Research Author Daniel Bedford explained: “One key limitation of QR code payments is the lack of interoperability when compared with cards, which use universal standards. To scale prospects in Asia, local wallets must collaborate on standards to fully realise the potential of digital payments.”
We believe that while initiatives such as Alipay+ are boosting interoperability of wallet-based payments, far greater efforts are required to enable both consumers and merchants to properly capitalise on digital payments growth. Regulators will continue to mandate interoperable QR code payments individually, but region-wide regulator alignment will be required to solve the interoperability challenge.
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Find out more about the new report: Global QR Code Payments Market 2025-2029, or download a free sample.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
