A fresh study from Juniper Research forecasts that the global value of QR code payments will surge by 50% from its current figures, reaching $5.4 trillion in 2025. This uptick is primarily fueled by the standardization of national QR schemes and the momentum behind account-to-account (A2A) payment initiatives.
Why it matters:
For credit and collection professionals — especially those at debt collection agencies, fintechs, and banks—streamlined payment solutions are critical to ensuring on-time, frictionless repayments. QR code payments, already popular in markets like India, are becoming a linchpin for facilitating quick, hassle-free transactions. As consumers warm up to the simplicity of scanning their way through payments, collection processes could become more efficient and consumer-friendly.
Zoom in:
- Lower barriers to entry: QR code systems are cheaper and more accessible than traditional point-of-sale terminals, making them an attractive option for smaller merchants and vendors across both emerging and developed markets.
- Universal compatibility: Thanks to built-in smartphone camera technology, virtually any device can read a QR code, avoiding hardware restrictions often tied to NFC-based solutions.
Between the lines: While QR code payments flourish, competition from NFC technology will intensify — especially as Apple opens its NFC capabilities to third-party apps. In North America and Europe, where iOS marketshare is large, this expansion may siphon some users away from QR code payments. However, the report notes that the affordability and inclusivity of QR codes remain strong selling points, particularly in regions where financial inclusion is a top priority.
What’s next: By leveraging the cost-effectiveness and simplicity of QR-based transactions, debt collectors and financial institutions can reduce friction for consumers and potentially boost repayment rates. As QR code payments continue to gain traction, industry players who adopt or refine these solutions stand to improve both their collection success and overall customer satisfaction.
