A new study from Juniper Research predicts that the global spend using QR code payments will reach over $3-trillion by 2025; rising from $2,4-trillion in 2022.

This growth of 25% will be driven by the increasing focus on improving the level of financial inclusion in developing regions and providing alternatives to established payment methods in developed regions.

The new research, “QR Code Payments: Key Opportunities, Competitor Leaderboard & Marketing Forecasts 2022-2026”, identified combined loyalty and payment services via a single QR code as a key strategy for increasing adoption. It predicts that loyalty schemes will encourage repeat use and foster consumer trust in QR codes for payments.

The research reviewed the top 15 QR code payments vendors in the market and evaluated the key factors that led to their respective success. The top five vendors were ranked as Alipay, PayPal, WeChat Pay, Google Pay and UnionPay International.

Juniper Research has ranked Alipay as the leader in QR code payments, having built upon its early-mover advantage to create a portfolio of strong features, including loyalty schemes, online payments, and a food delivery service in the QR space. The report suggests that competitors emulate Alipay’s strategy to create a valuable ecosystem that revolves around QR code payments capabilities, such as loyalty schemes.

The report found that the prospects for adoption and growth are stronger in markets with national schemes in place, due to incentives that promote ease of use for consumers; with increased interoperability being a major enabling factor.

In particular, the research found that in India, the transaction value of QR code payments will increase from $62-billion in 2022 to $125-billion in 2026, driven by its national QR code standard and reduced cash usage.