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

QR code payments are a foolproof payment method as it eliminates the probability of any kind of error. The pattern of black boxes consists of unique data which enhances the reliability of the QR code payments. Making payments via QR codes is very secure. It’s because the QR code is nothing but just a tool that is used to exchange information. Any data which is transferred via QR codes is encrypted thus making the payment foolproof and secure. 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%.

Impact of COVID-19 on the market

The coronavirus pandemic has changed the way of doing business, as the big and small businesses are looking for easy possible ways to offer the customers a touch-free experience, as W.H.O has drawn guidelines for travelling, shopping, restaurants to avoid contact and maintain social distancing. Therefore, the QR code scan payment has suddenly come in demand as cash and credit cards are out and touch-free payments are in. At restaurants, paper menus and cash payments are out and digital menus and QR scan code are in demand. These contactless technologies are built around QR codes for shorthand and Quick Response. QR codes are boxy, square-and-dot filled designs and have been around since the mid-1990s, but are now making a huge comeback during the COVID-19 pandemic. This report will quantify the impact of this pandemic on the QR Scan Payment market.

Increasing demand for Quick Payment

While their area number of mobile payment options, QR codes offer a smoother and faster way for customers to transact. QR codes can be a quick way to skip the step where a payer has to enter the payee’s account details into the mobile device. By just scanning a merchant’s unique QR code (whether printed or digital), a customer automatically captures information regarding the merchant’s till number or bank account. This scanning makes payments quicker and more accessible. In developing countries, high illiteracy rates, simplicity and functionality have seen the technology flourish.

Lack of awareness for Cashless World

Nearly two-thirds of Americans were against a cashless society, according to a recent survey conducted by CivicScience. Mobile payment and cashless stores are popping up across the country, amongst stores like Amazon Go and payment options like Apple Pay. Using these services requires access to the banking system, namely a bank account and a credit card. According to the Federal Deposit Insurance Corporation, in 2017 FDIC survey showed that 6.5 per cent of U.S. households were unbanked, meaning they lacked a checking or savings account, and an additional 18.7 per cent of households were underbanked, meaning they had a checking or savings account but obtained financial products, like money orders or payday loans, outside of the banking system.

The North America QR scan payment market is segmented based on the type and application.

 Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On the basis of the type, the North America QR scan payment market is segmented into consumer-presented QR code and merchant-presented QR code. Based on the application, the target market is classified into a restaurant, supermarket, ticketing, and others.

North America is usually the biggest market for any industry. This is can also be the case with QR Codes. As big brands are taking notice of QR code, marketers are once again harnessing QR codes as a tactic to engage and convert consumers. Brand experiences also continue to change and consumers have better access to mobile. Therefore, QR codes have more power than they ever had before. q In 2018, UnionPay International announced that it has partnered with Bank of China (Canada) in enabling all the stores of Foodymart in Canada to accept UnionPay QR code payment. This was the first time that UnionPay's QR code payment was launched in Canada and the United States. It is expected that the number of merchants accepting UnionPay QR code payment in North America will reach 5,000 within this year. Further, Walmart Pay and Target Pay have quickly spread across the U.S. making use of QR codes to facilitate the payment process in the mainstream, where the consumer can simply log into the retailer’s app, enter their credentials or biometric, and scan or present the QR code at the point of sale to complete the payment.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2029.  For the purpose of this study, has segmented the North America QR scan payment market report based on type and application.

North America QR Scan Payment Market, By Type:

• Consumer-presented QR Code
• Merchant-Presented QR Code

North America QR Scan Payment Market, By Application:

• Restaurant
• Supermarket
• Ticketing
• Other

The key players operating in the North America QR scan payment market include Google Inc., Apple Inc., Paypal, Inc., Stripe Inc., Union Pay, Scanova, LINE PAY, ALIBABA GROUP HOLDING LIMITED, Tencent Holdings Ltd., and MEITUAN-DIANPING. The prominent players are constantly involved in the development of new technologies. For instance, in September 2017, Google launched a UPI-based app Tez in India. On August 28, 2018, Google rebranded Tez to Google Pay. Further, in January 2020 PayPal Holdings, Inc. announced that it has completed its acquisition of Honey Science Corporation for approximately US$4 billion in cash. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants.

Company Profile:

• Google Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Overview
  • Business Strategies

• Apple Inc.
• Paypal, Inc.
• Stripe Inc.
• Unoin Pay
• Scanova
• LINE PAY
• ALIBABA GROUP HOLDING LIMITED
• Tencent Holdings Ltd.
• MEITUAN-DIANPING

“*” marked represents similar segmentation in other categories in the respective section