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Jul 8, 2022
Almost one in three mobile phone users worldwide will use this technology for daily operations. The total value of transactions for payments made using QR codes will reach $3 trillion in three years, which is 25% higher than the current indicator ($2.4 trillion). This is due to the growing attention to new financial technologies in developing markets, as well as the introduction of alternative payment methods in developed countries. This conclusion is contained in the report of Juniper Research.
It is necessary to consider that digital payment methods are replacing cash extremely fast. This is true for numerous fields, including entertainment like gambling in zodiac casino, shopping, and so on. According to the BIS, the share of contactless payments in total card transactions increased at the fastest rate from 2015 to 2020. Consumers in highly developed countries made almost twice as many non-cash payments as residents of developing countries during the specified period.
In India, for example, the bank’s analysts found that the volume of cashless payments increased almost fourfold — from $10,926 million in 2016 to $40,628 million in 2020, and the value of transactions increased from $3,289,188 to $5,293,058. In turn, in Great Britain, the volume of cashless transactions increased from $25,152 million in 2016 to $30,910 million in 2020, and their total value increased from $112,201,396 to $128,779,403.
The research data also shows that while the amount of cash in circulation has reached a ten-year-high, overall, the total number of cash transactions worldwide has fallen by 23%. BIS statistics are compiled based on official data provided by the central banks of 25 countries.
QR Code Transactions
The researchers believe that the Chinese company Alipay will become the leader among QR payment service providers, followed by PayPal, WeChat Pay, Google Pay, and UnionPay International. The report says that the prospects for the implementation and growth of this technology depend on the regional legislation of each country and the incentives launched by the government.
See: QR Code Triggers Instant Crypto Payments and Self-serve Frosty
In particular, in India, the value of QR code payments will increase from $62 billion in 2022 to $125 billion in 2026, thanks to the recently launched national QR code standard and a reduction in the use of cash among the population. Juniper Research predicts that by 2025, almost one in three mobile phone users worldwide will use QR code payment services.
In Conclusion
It can be said that the growing popularity of cashless payments is due to the convenience and speed of such transactions. At the same time, their safety and security are ensured by various means, including encryption, two-factor authentication, and biometric data verification. In addition, many countries are taking measures to promote cashless payments, such as introducing new legislation and incentives. As a result, it is expected that the volume of cashless transactions will continue to grow in the coming years.
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