A new study projects a 50% global increase in QR code payment value, rising from $5.4 trillion in 2025 to over $8 trillion in 2029. This growth is fueled by national standardization of QR payment schemes and the expansion of Account-to-Account (A2A) payment initiatives.
Nigeria's Inter-Bank Settlement System (NIBSS) is actively promoting the Nigeria Quick Response (NQR) payment system to accelerate the country's transition to a cashless economy. The NQR system, launched in March 2021, facilitates payments via QR code scanning, offering a cost-effective alternative to traditional banking.
While QR codes are expected to dominate, Near-field Communication (NFC) payments pose a challenge, particularly in North America and Europe, where Apple's NFC technology opening could shift consumer preferences. However, QR codes maintain appeal due to accessibility, affordability, and universal compatibility, especially in developing markets with high mobile penetration but underdeveloped banking infrastructure.
The NQR system is being upgraded to offer faster, more secure digital transactions for businesses and individuals. These enhancements enable Person-to-Person (P2P) and Entity-to-Person (E2P) payments, expanding the system's use cases. The Central Bank of Nigeria (CBN) aims to reduce cash dependence and improve transaction efficiency through QR code adoption.