A new study by Juniper Research predicts a significant rise in the global value of QR code payments, projecting a 50% increase from $5.4 trillion in 2025 to over $8 trillion by 2029. The surge is expected to be driven by the standardization of national QR payment schemes and the expansion of Account-to-Account (A2A) payment initiatives.
Despite growing competition from Near-field Communication (NFC) technology—particularly in markets dominated by iOS devices—QR code payments are anticipated to maintain strong momentum due to their affordability, accessibility, and ease of use, especially in developing economies. The report highlights QR codes’ lower operational costs and broader device compatibility as key advantages over NFC payments.
In Nigeria, the Nigeria Inter-Bank Settlement System (NIBSS) is advancing its Nigeria Quick Response (NQR) payment system to enhance digital transactions. Recent upgrades have improved transaction security and expanded functionalities to support both Person-to-Person (P2P) and Entity-to-Person (E2P) payments. NIBSS CEO Premier Oiwoh envisions a future where even street hawkers can present QR codes for seamless transactions, further reducing cash dependency and promoting financial inclusion.
Originally launched in 2021 as part of Nigeria’s cashless policy drive, the NQR system enables users to make payments by scanning a QR code, simplifying transactions and boosting digital financial access. As QR code payments continue to expand globally, Nigeria’s efforts reflect a broader push to modernize payment systems and enhance financial inclusivity.
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