QR code payments to grow by 590 % in Southeast Asian market by 2028

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New Delhi: The volume of QR code payments in the Southeast Asian market will increase from 13 billion in 2023 to 90 billion in 2028, according to Juniper Research.

“The financial inclusivity that QR payments provide, allowing unbanked users to access digital payments, is largely responsible for the high growth in Southeast Asia and other developing markets.” Western markets, on the other hand, have seen very limited adoption, highlighting the global divide in QR payment markets,” according to the report.

According to MyGovIndia data, India topped the list of five countries in digital payments in 2022, with 89.5 million digital transactions.

Brazil comes in second with 29.2 million transactions, followed by China with 17.6 million transactions.

Furthermore, the report discovered that national QR payment schemes, such as India’s UPI (unified payments interface) and Brazil’s Pix, played an important role in encouraging market adoption, with their success propelling the implementation of national schemes in Kenya and Bangladesh in 2023.

Cross-border interoperability within Southeast Asian markets, on the other hand, will drive significant growth in market volume.

Meanwhile, UPI transactions in India increased by 1,320 percent in terms of value and 1,876 percent in terms of volume between 2018 and 2022.

In 2018, the volume of UPI transactions was 374.63 crore, which increased by 1,876 percent to 7,403.97 crore in 2022.

 

 

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