North America QR Scan Payment Market – The rise of affordable smartphones and subsequent Internet and mobile penetration have led to significant growth in the digital payments space

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Published Date: May 2023

The North America QR scan payment market accounted for US$ 5.9 billion in 2019 and is estimated to be US$ 14.7 billion by 2029 and is anticipated to register a CAGR of 9.6%

The report "North America QR Scan Payment Market, By Type (Consumer-presented QR Code and Merchant-Presented QR Code), By Application (Restaurant, Supermarket, Ticketing, and Other) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

In January 2020, Tencent partnered with UnionPay to merge QR code systems. Tencent Holdings is reportedly working to unify its QR code system for mobile payments with China UnionPay. This is likely to help the Chinese central bank-backed UnionPay network get a bigger footprint in the $27 trillion payments market, currently dominated by Tencent’s WeChat, Pay and Alibaba BABA affiliate Ant Financials’ Alipay.
In January 2018, Google announced that Google Wallet would be merged into Android Pay, with the service as a whole rebranded as Google Pay. This merger extended the platform into web based payments integrated into other Google and third-party services.

Analyst View:

Almost two-thirds of Americans are predicted to own a smartphone by 2017, more than a threefold increase since 2010. A smartphone is a mobile phone that uses an identifiable open Operating System (OS) and has more advanced computing capability and connectivity than a basic phone. The OS is supported by third party applications (commonly known as apps) written by the developer community.

In wake of COVID-19, QR codes are taking over the world. The coronavirus pandemic has taught people to use QR codes in new and broader ways. This presents a great opportunity to shake up international payment systems with their wildly expensive commissions - and move on to something better. q QR codes are one of humankind’s brilliant inventions, and yet, they are still underestimated. In developed countries, they are mainly used as graphical hyperlinks leading to sites or other information. However, with QR codes, you can also create a cashless payment infrastructure quickly and inexpensively.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “North America QR Scan Payment Market”, By Type (Consumer-presented QR Code and Merchant-Presented QR Code), By Application (Restaurant, Supermarket, Ticketing, and Other) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:

The North America QR scan payment market accounted for US$ 5.9 billion in 2019 and is estimated to be US$ 14.7 billion by 2029 and is anticipated to register a CAGR of 9.6%. The market report has been segmented on the basis of type and application.

By type, consumer presented QR Code segment was valued US$3.2Bn in 2018 and is expected to reach US$8.9Bn in 2029, and register a CAGR of 9.9% over the forecast period. Consumer – presented QR code is mostly used while Peerto-Peer Transactions. This mode of QR Code payment applies when an individual needs to pay another. For example, friends, family members, or self-employed professionals.
By application, merchant presented QR Code segment was valued US$2.2Bn in 2018 and is expected to reach US$5.8Bn in 2029, and register a CAGR of 9.2% over the forecast period in North America, the growth of QR code usage for mobile payments has come from merchant-specific solutions.

Competitive Landscape:

The prominent player operating in the North America QR scan payment market includes Google Inc., Apple Inc., Paypal, Inc., Stripe Inc., Unoin Pay, Scanova, LINE PAY, ALIBABA GROUP HOLDING LIMITED, Tencent Holdings Ltd., and MEITUAN-DIANPING.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period