The QR code payment market size is expected to reach USD 74.30 Billion by 2034, according to a new study by Polaris Market Research. The report “QR Code Payment Market Share, Size, Trends, Industry Analysis Report: By Offering, By Payment Type, By Transaction Channel (Face-to-face and Remote), By End User, and By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

QR code payments are widely used across retail, transportation, hospitality and public services to enable fast, contactless and low-cost transactions through mobile devices. These systems support real-time payments, dynamic merchant billing and integration with financial and telecom platforms.

The growth of the QR code payment market is driven by increasing mobile internet access, demand for low-cost digital payment and national financial inclusion initiatives. Additionally, growing interoperability frameworks, merchant onboarding efforts and integration of QR payments into multi-functional apps are accelerating market expansion across developed and emerging economies.

Also Read: Is India Serious About Digital Payment: Lack of Holistic Approach

QR Code Payment Market Report Highlights

• Based on offering, the solution segment dominated the market in 2024, owing to its widespread integration in mobile wallets, banking apps, and low-infrastructure retail environments across various regions.
• In terms of payment type, the push payment segment dominated the market in 2024. This is driven by its strong user control, transaction simplicity and wide deployment across peer-to-merchant use cases.
• Based on transaction channel, the face-to-face segment dominated the market in 2024, owing to its rapid deployment at physical merchant locations such as stores, restaurants, and transit hubs.
• In terms of end user, the retail & e-commerce segment dominated the market in 2024, due to frequent consumer payments and rising preference for QR codes in fast-moving product environments and informal retail segments.
• Asia Pacific accounted for the majority share of 29.04% in the global QR code payment market in 2024, fueled by large-scale government initiatives, mobile-first consumer behavior, and national QR standardization programs.
• North America held significant market share in 2024, driven by QR adoption across retail, dining, entertainment and utility sectors through apps such as PayPal, Apple Pay, and Google Pay.
• A few global key market players include Alipay, BharatPe, Google Pay, Kakoa, LINE Pay, Maya, Mercado Pago, MoMo, M-PESA, PayPay, PhonePe, Rakuten Pay, Revolut, STC Pay, UnionPay, WeChat Pay, and Vipps MobilePay.