A new study from Juniper Research has found the value of QR code payments in the transportation market will increase by 176% over the next five years, with China, India, and Malaysia being market leaders. This growth is being catalysed by governments’ use of QR payments to foster financial inclusivity; enabling widespread QR code payments acceptance, critical for growth.
Operator Interoperability Is Biggest Challenge
The benefits of QR-based payments for transportation are numerous, but the greatest obstacle is the lack of interoperability between transport operators. The most successful markets are those with national QR standards or extensive cultural integration of QR-based payments. The report recommends that this model be adopted in other markets; creating coalitions between payment providers and transit authorities, enabling services like tap in-and-out QR codes.
Can the West Replicate this Success?
QR-based payments are sparse across the West relative to the rest of the world, especially so within transportation. However, Stockholm’s public transport agency has accepted QR-based payments across the city’s transport services since 2021, alongside NFC contactless, as Sweden shifts towards a cashless society.
Despite NFC’s success in western markets, QR codes are used as tickets for transport across many other countries, so there is potential, especially for transport operators that wish to accommodate tourists that primarily use QR-based payments. QR payment vendors in the West should partner with transit operators to foster acceptance for QR payments; emphasising the ease of integration and the potential of value‑added services like transport discounts through digital wallets, not possible through NFC.
This new market research suite offers the most comprehensive assessment of the QR payments market to date, providing analysis and forecasts of over 12,900 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunitiesis
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Find out more about the latest research, Global QR Code Payments Market 2023-2028, or download a free sample.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
