The Asia Pacific region is poised for an extraordinary acceleration in QR code-based payments, with transaction values expected to soar from $290 billion in 2024 to $1.2 trillion by 2029.
QR code payments surge reaching $1.2tn
This 300% surge underscores the region’s growing dominance in digital payments, fuelled by mobile-first infrastructure, financial inclusion efforts, and the limitations of card-based alternatives.
In stark contrast to more developed markets like Europe and North America, where QR code uptake is relatively modest, Asia Pacific continues to expand its adoption of QR payments at more than twice the pace.
Emerging economies including Vietnam, Indonesia, and the Philippines are at the forefront of this shift, leveraging QR code systems to displace cash usage and bring millions into the formal financial ecosystem.
QR Codes Thrive Where NFC Stumbles
While contactless payments using NFC technology – typically tied to card infrastructure or high-end smartphones – are gaining ground in affluent economies, Southeast Asia presents a different picture.
Here, NFC’s reliance on embedded chips, terminals, and bank-issued cards has proven less effective in low-card-penetration environments.
By contrast, QR offers a lightweight, low-cost solution.
Requiring only a smartphone screen or printed code to receive payments, or a simple camera scan to make them, QR code systems are highly accessible.
This makes them ideal for micro-entrepreneurs, small retailers, and underbanked consumers across the region.
“QR codes present a far lower barrier to entry than NFC, and as such, they are naturally suited to markets where traditional financial infrastructure is lacking,” explained Daniel Bedford, the lead analyst behind the Juniper report.
Interoperability: The Next Frontier
However, QR payments are not without challenges.
Chief among them is a lack of standardisation across platforms. Unlike card networks, which operate on globally accepted protocols, many QR code systems remain siloed, locked within specific mobile wallets or domestic payment apps.
This limits their scalability and utility, particularly for cross-border commerce.
To address this, regulatory authorities in countries such as Indonesia and Malaysia have started mandating interoperable QR code standards.
Meanwhile, industry-led efforts like Ant Group’s Alipay+ are seeking to unify wallet ecosystems across borders.
Still, Juniper’s report argues that a piecemeal approach will not suffice.
“To fully unlock QR codes’ transformative potential, a region-wide push for interoperability is needed – across wallets, banks, and borders,” said Bedford.
Implications for Merchants and PSPs
For payment service providers (PSPs), merchants, and fintech firms eyeing Asia, the message is clear: QR code payments are no longer optional.
They are becoming a cornerstone of the digital economy in fast-growing markets, presenting opportunities not just for customer acquisition, but also for driving down transaction costs and improving accessibility.
As governments continue to champion cashless agendas and digital inclusion, QR codes are well-positioned to be the face of payments in Southeast Asia.
For global players, the time to engage with this ecosystem – through wallet partnerships, standardised APIs, and local regulatory alignment – is now.
The post QR code payments surge reaching $1.2tn by 2029 appeared first on Payments Cards & Mobile.