GROWTH: The volume of QR code payments in the main Southeast Asian market is forecast to increase to 90bn in 2028
Total transaction values for contactless transit fare payments made using a QR code will almost triple and reach US$17.7bn worldwide by 2028, according to a forecast by Juniper Research.
China, India and Malaysia will remain market leaders with growth being driven by government adoption of QR payments to foster financial inclusivity and enabling widespread acceptance, the forecasters say.
“The benefits of QR-based payments for transportation are numerous, but the greatest obstacle is the lack of interoperability between transport operators. The most successful markets are those with national QR standards or extensive cultural integration of QR-based payments,” Juniper Research explains.
Although QR-based payment adoption has been “sparse across the West relative to the rest of the world”, the forecast also states that the payment method offers “potential, especially for transport operators that wish to accommodate tourists that primarily use QR-based payments” and cites the example of Stockholm’s public transport agency that “has accepted QR-based payments across the city for transport services since 2021, alongside NFC contactless”.
Stockholm introduced contactless ticketing payments in February 2021 and added an EMV white label card for closed loop contactless fare payments in June the same year.
QR code transit ticketing transaction values to hit US$17.7bn globally by 2028 was written by Tom Phillips and published by NFCW.