qr code adoption rate

Exploring The Varying QR Code Adoption Rates Around The World

In recent years, QR codes have gotten incredibly popular in the eCommerce market and set a new milestone for merchants around the world. Now, we see people using it everywhere to get quick access to information, websites, payments, WiFi, and much more. QR codes have turned into a go-to method for customers since it is safe, speedy, and accessible. QR codes utilizes 2D visual representation which is encoded with the data. It exempts consumers and merchants to go through long procedures and paper work to extract information. It utilizes four standard encoding methods.

Back in 1996 in Japan, Bar codes were replaced with advanced QR codes as an option to track the vehicles. It was far more convenient and easy to use. Later in 2000, smartphones developed QR code mechanisms to access QR codes a click away easily. The system originated and proliferated in the late 2000s. In 2011, China was the first country that used QR codes as a means to pay for purchases. The event was taken by a surge all over Asia. Financial services tuned in mass adoption for QR-based payments, and later on, the world started adopting QR code cashless payment methods drastically.

During the pandemic, merchants looked for a more convenient and risk absorptive method to cope with the heavy spread of infection. Merchants developed touchless payments methods to counter the fall in the economy. QR codes related payments have scored a dramatic increase in their usage rates ever since the covid-19 reached its peak.

Statistics For QR Code Adoption:

QR codes are undergoing mass adoption all around the globe. The credit goes to rapid smartphone penetration that accelerated from 10% in 2014 to 36% in the year 2018. The numbers continue to increase over time. Approximately 96.6℅ of internet users in 2021 have a smartphone, which adds to the rapid growth of QR-based payment systems.

QR Code Measures in Asia

Alone in China, half of the population uses QR code scanners for many different purposes in their routine, and among them, making purchases topped the list. There was a dynamic upswing in the QR scanned purchases in 2019, which intensified 15 times greater than the data presented last three years ago. Plus, we can also see an increase in QR code-related payments by 26% in China in early 2020. A recent paper quotes that more than 75% of Chinese use their electronic devices to make payments. However, 95% of these purchases are done through QR codes.

In addition to that, the QR code trend flooded all over Asia at an incredible speed. Half of the Indian population is familiar with QR codes. Whereas in the other parts of Asia, such as Vietnam and Thailand, about 27% and 23% of the residents use QR codes on a daily basis. Others, including South Korea, Singapore, and the Philippines, have an estimated 15% familiarity with QR codes among their population.

QR Code Measures in Developed Nations

In Australia, a current study reveals that only 12% of the population uses QR codes. Back in 2014, research by Adobe Systems presented the data for QR code usage in four major areas, including the UK, France, Germany, and the USA. The study revealed that about 25-30% of the users from developed countries have opted for QR codes.

Amid the Covid pandemic, 50% of the US population in July benefited from QR code payments instead of physical cash and cards. Merchants and users report the use of QR codes as a much safer and convenient option. By the end of October, 1/3 of the US population made QR-code payments their primary method for buying goods and accessing services.

If we look at the statistics from the USA, we can note that about 9.76 million households used QR code scanners in 2018. However, there is a notable increase in the numbers totalled in the recent data by Statista in 2020. It states about 11 million people have utilized QR code scanners till the end of 2020.

However, this is the situation before the incidence of Covid-19. QR code payments gained major spotlight and popularity during the pandemic. The levels continue to reach higher each passing day, cultivating numerous benefits for e-commerce businesses. The lockdown only intensified contactless payments and services unexpectedly, and the results are yet to be explored.

QR Code Payment And Services

QR code adoption has taken merchants and industries to a higher level. Social distancing and the speedy spread of the virus became a genuine threat for major industries. Hence, businesses adopted a unique way to tackle and maintain the economy.

Restaurants are using QR technology to initiate easy contactless payments, online menu viewing, and food ordering. This minimized human contact, lowered the risks and maintained the integrity of the new virus protocol. Similarly, cafes, bars, gyms, fitness centres, and other businesses used the same strategy to introduce contactless QR payments and services to potential buyers.

About 42.5% of subjects have reported that they feel the safest utilizing QR codes at the cafes, restaurants, and bars in the USA. Alongside, 19.2% of the populations were satisfied using QR codes at gyms and pools. Merchants are taking significant steps to level up QR codes adoption in all industries. In May 2021, PayPal removed all the charges related to QR code payments, yet another considerable step towards QR code usage. On the other hand, approximately 8200 CVS pharmacy chain stores adapted QR code-based payment systems in the US to facilitate the buyers.

Conclusion

The figures for QR code adoption rates are heightening during the pandemic due to a constant threat with contact payments. The intensified smartphone and device penetration, up-to-date electronic configuration of devices, and increased technical progress are the factors that directly promote QR code adoption around the globe. This is just the beginning of a new era of QR Code Payments. It is expected that by the end of 2025, two billion people will switch to QR code-based payments around the globe. Contactless payments mark the future of e-commerce marketing undoubtedly.