QR Code payment has exploded in the past couple of years. From Alipay to Walmart to Amazon, every company is getting on the bandwagon to streamline ease of payments.
Propelled by the simplicity of usage of QR Code usage in payments – China, India, and global; let’s take a look at how big the impact is.
9. China is the world’s largest and fastest-growing country for mobile payments. The transaction volume of third-party mobile payments reached RMB 40.6 trillion in the first quarter, ahead of the USA and the rest of the world. (China Banking News, 2019)
10. The global usage of mobile payments is estimated to expand from USD 348 billion to just under USD 1.3 trillion by 2022. (Research and Markets, 2019)
Companies that use QR Codes
11. Chinese payment app, Alipay, is the world’s most used payment app in the world apart from social networking apps. 15 million SMB accept Alipay’s QR Code payments in China. (Mobile Transaction, 2019)
12. WeChat, the Chinese multi-purpose app was fourth in place in terms of mobile payment, topped by Facebook, Whatsapp, and Messenger. (Mobile Transaction, 2019)
13. In India, 9 million merchants support Paytm, the digital wallet that uses QR Codes for payments. (Mobile Transaction, 2019)
14. Some of the largest QR Code payments in the Netherlands are iDEAL, Belgium – Bancontact, and Brazil – Cielo and Mercado Pago. (Mobile Transaction, 2019)
15. The largest QR Code payment companies in North America are Apple Pay, PayPal, and Amazon Pay. (Global Web Index, 2019)
17. Mastercard’s Masterpass QR is making its social debut in Africa as part of its partnership with Facebook to allow consumers to buy a solar energy system and use their phones to make small everyday payments for a lesser price than kerosene lamps. (Mastercard, 2019)
18. LINE Pay, Japan’s largest digital payment system has partnered with WeChat Pay in Japan. (FinExtra, 2019)
19. UnionPay Internation (UPI) QR Code payment is available at 450,000 acceptance points outside of Mainland China, which is up 50% when compared to the first half of 2019. (Union Pay International, 2019)
Chapter 3: QR Code adoption by industry
In China, QR Codes are used for every purpose and need, right from giving alms to beggars, providing feedback, and gifting.
QR Codes are used in every industry – healthcare, marketing, retail, travel, and sports to name a few. Although marketers did find their niche in QR Codes, other industry verticals have reported success too.
20. The highest penetration of QR Code based on use-cases is for product information (51.5%) followed closely by event information (19.8%), to avail offers (12.5%), and app downloads (8.2%) (comSCORE MOBILENS, 2019)
21. The top source of brand discovery for people who use QR Codes are search engines (45%), TV advertisements (43%), and word-of-mouth (40%). (Global Web Index, 2019)
22. PB Siddhartha College of Arts and Sciences, a college in Andhra Pradesh is attaching QR Codes on trees on the campus to educate their students about their botanical names and medicinal value. (India Today, 2019)
In 2014, global mobile penetration was just about 48.8%, has increased nearly by 13% today. QR Code as an entity has a mammoth-like growth, scaled to grow at a steady rate in terms of the global QR Code usage.
Take a look at the statistics to see how strong the influence of QR Codes is.
24. Nearly 90% of the world’s population will have access to high-speed internet, attributing to the rise of QR Codes by 2020. (Juniper Research, 2019)
25. In South Africa, the penetration of smartphones is 80%, which is a potential growth for the QR Code market. (GSMA, 2019)
26. Social media platforms such as Instagram, SnapChat, Facebook, and Twitter already have QR Codes. The purpose and the mass reach of social media QR Codes are estimated to grow in folds by 2020. (Mashable, 2019)
Chapter 5: Success of brands using QR Codes
QR Codes pose as an added feature to the already existing identity of any brand. It is the cherry on the cake. Several brands have tasted success by adopting QR Codes; be it customer engagement, increase in ROI or conversion.
These stats are proof that QR Codes have helped brands across the globe in elevating their business in the market.
27. Most Fortune 500 companies have already added QR Codes to their marketing stack such as Nestle, Emirates, Nike, and Puma. (Beaconstac, 2019)
28. Group-buying websites like Groupon is the highest indexing of brand discovery (2.22 IDX), with vlogs (2.18 IDX), and stories/articles printed in newspapers (2.08 IDX) closely trailing behind. (Global Web Index, 2019)
29. PayPay, a QR Code-based payment system launched by Noida based One97 Communication backed by SoftBank and Yahoo Japan has managed to sign up 15 million customers within 10 months of its launch. (Indian Express, 2019)
30. Vincle, a software vendor of high-tech solutions, has leveraged QR Codes on different kinds of events along with its marketing and human resources strategy in order to engage users to interact with their brand. The company witnessed more than 90% engagement with the help of QR Codes.
Just when QR Codes started booming, many thought that the technology might never improve or that companies apart from retail might never embrace QR Codes. These QR Code statistics certainly prove otherwise.
31. Google Chrome is developing a QR Code enabled page sharing feature for its Chrome Canary, which might contain its popular dino in the center. (Techdows, 2019)
32. WhatsApp is adding a new feature to let users add new people to their contact list using QR Codes via WhatsApp Web and WhatsApp by 2020. (WhatsApp, 2019)
33. Apple’s in-built QR Code with the latest iOS 13 has a low-light QR Code scanning feature. (Apple, 2019)
34. By 2020, the market share of QR Code/barcode recognition among image recognition technology is forecasted to reach around 17.1% in China. (Statista, 2019)
35. South African based company 4ORT has launched the world’s first “fraud-free” dynamic QR Code. The globally patented algorithm ensures that the users’ unique identities are securely stored within the code, making it impossible for fraudsters to duplicate it. (4ORT, 2019)
Chapter 7: QR Code statistics for product packaging
Packaging is more than just placement of the product in a box and including estimated ingredients at the side of the box. QR Codes on product packaging not only help consumers trust the brand because of their transparency but also helps marketers retarget their users to serve them better.
QR Codes on packaging is important. Take a peek at how QR Codes have influenced the packaging industry.
36. In China, 65% of consumers think scanning QR Codes on product packaging instills a blanket of trust. (Packaging Insights, 2019)
37. In Brazil, 75% of shoppers are ready to scan QR Codes on a regular basis to access shopping assistance. (Packaging Insights, 2019)
37. The global QR Code usage QR Code enabled smart packaging is estimated at $5.3 billion and growing at a CAGR of 8% for a projected value of $7.8 billion by 2021. (Packaging Insights, 2019)
38. Kezzler’s TrackEasy system is rolling out QR Codes that will be placed at the bottom of the Friso infant formula packaging to learn more about the product in Mainland China. (Packworld, 2019)
39. In the Asia Pacific region, China, Korea, and Japan have witnessed an 83% increase in the use of QR Codes on packages between 2014 and 2018. (Global New Product Database, 2019)
With an increased adoption by various industries, QR Codes are unstoppable. Governments are quickly catching up on the trend and making it mandatory amongst banks and financial institutions to avoid fraudulence and malpractices.
40. Barclays, UK’s largest bank has partnered with Alipay to allow Barclaycard merchants to accept Alipay QR Code payments in the UK. (Mobile Transaction, 2019)
41. In Japan, banks and financial institutions are expected to roll out a unified smartphone payment service using QR Codes in April 2020. (Asian Review, 2019)
42. DBS Bank is collaborating with Singapore’s public healthcare system to roll out Singapore’s Quick Response Code (SGQR) payments by end of 2020. (Business Times, 2019)
43. PayMaya Philippines Inc. becomes the first e-wallet to officially adopt QR Ph, the national quick response code standard launched by Bangko Sentral ng Pilipinas (BSP). (PayMaya Philippines Inc., 2019)
44. India’s unique identification number, AADHAR, has rolled out Secure QR Codes, which contains demographics as well as the photographs of the Aadhar cardholder. (UIDAI, 2019)
45. In October 2019, Banco de Mexico (Banxico), Mexico’s central bank, launched CoDi – a smartphone and QR Code based payment system. (NASDAQ, 2019)
This chapter contains a mixture of QR Code statistics.
46. Some of the most common types of QR Codes include URL QR Codes, PDF QR Codes, and vCard QR Codes. (Beaconstac, 2019)
46. Consumer usage of QR Codes will be 5.3 billion QR Code coupons to be redeemed by smartphones by 2022 and 1 billion smartphones will access QR Codes. (Juniper Research, 2019)
47. 91% of active iOS users have access to QR Code scanners due to the installation of iOS 12 and above. (App Store, 2019)
48. In Vietnam, the most popular QR Code app used is Zalo (83%). (Statista, 2019)
49. Chick-fil-A boosted its app downloads by 14% after using QR Codes in its digital signage. (Mobile Marketer, 2019)
50. Malaysian eCommerce platform, Lazada’s first in-app facial recognition game, in partnership with Stamp Hunt, leveraged QR Codes at 800 of their outlets garnering their record-breaking sales ever. (Soyacincau, 2019)
The unstoppable force of QR Codes
QR Codes are ubiquitously used everywhere. The future of QR Codes is the usage and penetration into different industry verticals are anticipated to rise in the coming years.
Apple iOS 13’s stealth QR Code reader update and Pixel’s ability to scan QR Codes without Google Lens is clearly an indicator.
A number of companies such as Sephora, American Eagle, and Levis are adding QR Codes to their algorithms stipulating its growth, evidently.
Consumer awareness of QR Codes is at its highest in South East Asian countries. In addition, regions like Europe and the US are catching up on this trend swiftly. A number of countries like India, Philippines, and the UK are even resorting to a nationalized QR Code payment system.