What is QR Code Mobile Payment Market?
QR code or Quick Response code is a two-dimensional code that has a pattern of black squares that are arranged on a square grid with a white background. QR code mobile payment is a contactless payment method where payment is performed by scanning a QR code from a mobile application. It requires consumers to use a smartphone application that enables them to scan, store and share their code scans. It made a possible extremely quick payment as compared to other modes of payment.
The market study is being classified by Type (Static QR code and Dynamic QR code), by Application (Fuel Retailers, E-ticket Booking, Toll Payments, Parking Payments, Street Vendors, Micro-business and Small and Medium Business) and major geographies with country level break-up.
Samsung Electronics (South Korea), Visa, Inc. (United States), Apple Inc. (United States), Alphabet Inc. (United States), Square, Inc. (United States), ACI Worldwide Inc. (United States), PayPal Holdings, Inc. (United States), Mastercard (United States), Google Pay (United States), Paytm (India) and Venmo (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global QR Code Mobile Payment market throughout the predicted period.
Analyst at AMA have segmented the market study of Global QR Code Mobile Payment market by Type, Application and Region.
On the basis of geography, the market of QR Code Mobile Payment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increased Penetration of the Internet
- Rise in the Mobile Users Worldwide
- Growing Adoption of the QR Code Payment Methods
- Cashback Offers by the Companies
- High Demand for Advanced Payment Methods
- Technical Issues Associated with Payment Applications
- Security and Privacy Concerns related with Payments
- Rise in Consumer Spending through Mobile Payment
- Technological Advancements in the Mobile Payments
- Increasing Competition in the Market
In August 2020, Apple had bought Mobeewave, a startup that has developed a payment system that lets users conduct transactions by tapping a smartphone containing an NFC chip against either a smartphone or a credit card that also has an NFC chip.
Key Target AudienceQR Code Mobile Payment Providers, Research Professionals, Emerging Companies and End-users
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