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The value of QR code payments in the transportation market will skyrocket by 176% over the next five years, with China, India, and Malaysia named as market leaders, according to research firm Juniper Research.
The growth is driven by the government’s leverage of QR payments to foster financial inclusivity.
Juniper Research said QR-based payments are advantageous but the lack of interoperability between transport operators hinders growth.
“The most successful markets are those with national QR standards or extensive cultural integration of QR-based payments,” Juniper Research said.
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This should be adopted in other markets, the firm pointed out, noting that countries who want to implement similar QR schemes must “create coalitions between payment providers and transit authorities and enable services like tap in-and-out QR codes.”
QR-based transportation payments are sparse across the West but Sweden stands out as its public transport agency has accepted QR-based payments across the city’s transport services since 2021.
Despite NFC’s success in western markets, QR codes are used as tickets for transport across many other countries, so there is potential, especially for transport operators that wish to accommodate tourists that primarily use QR-based payments, Juniper Research said.
“QR payment vendors in the West should partner with transit operators to foster acceptance for QR payments to emphasise the ease of integration and the potential of value-added services like transport discounts through digital wallets, not possible through NFC,” it recommended.
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