QR codes for payments, coupons set for explosive growth: Report
The use of QR codes for mobile payments and coupon redemption will surge more than 300% over the next five years, as more merchants rely on the technology, according to a new Juniper Research report.
The number of QR codes used globally via mobile devices will reach 5.3 billion by 2022, up from 1.3 billion in 2017, and one factor driving the trend is Apple’s recent move to embed QR code-reading technology within the iPhone camera, U.K.-based Juniper said in a Wednesday press release.
“The lack of an in-built reader had been a hindrance, with consumers needing to download a separate QR code scanner app,” said Juniper researcher Lauren Foye, in the report.
Retailers including Walmart and Target use QR codes in their apps, enabling consumers to scan offers and pay at checkout, and more are set to take advantage of the technology as consumer familiarity expands, the report noted.
Mobile-enabled loyalty cards are set to double worldwide over the next five years, with nearly 4 billion cards predicted to be in force by 2022, up from 2 billion in 2017, according to Juniper’s report.
The People’s Bank of China late last month announced plans to begin regulating QR code payments to increase security for the technology, which underpins China’s popular WeChat and Alipay mobile payment apps. China’s central bank will begin testing new standards in April, according to a recent announcement.