How Did QR Code Payment for Businesses Impact the Economy?

Since their creation in 1994, Quick Response (QR) codes have shaped the world in more ways than was intended. They’ve added a new level of item tracking, redefined marketing, and optimized communications.?

But the most impactful thing the world continues to benefit from this technology is QR code payment for businesses and consumers.

This payment method accelerated contactless transactions by reducing the reliance on cash, reshaping the digital payment landscape, fostering economic growth, and enabling greater financial inclusion globally.

How QR code payments make a thriving economy

The world economy has been positively impacted ever since launching the first QR code payment method in 2011.?

QR code for payment has even contributed more to the economy when the world was struggling with the COVID-19 pandemic. According to Statista data, there was a significant increase in transactions between 2020 and 2021.?

Payment apps like PayPal and AliPay allowed consumers worldwide to continue purchasing despite the “new normal.”

This meant that commerce continued to flow, and businesses stayed afloat during those few years. The transition from cash-based operations to digital payment methods like QR code payments supported local economies.

Another QR code payment statistics report shows the emergence of a new market worldwide.?

The mobile point-of-sale payments market, where most QR code-based payments are made, was expected to reach $10.85 trillion in transactions in 2024. Almost a third (32.9%) of these came from digital wallets.?

While payment QR codes and the use of dynamic QR code generator platforms are becoming increasingly prevalent in many areas today, they are already well-established in Asia.?

China is the leader in this regard, with $5.32 billion in mobile payments. According to Visa, Southeast Asia is also a hub for mobile payments, with 93% of consumers in the region making purchases.

After their last update in 2024, Statista reported that the average transaction value per user in this market reached around $4.41k.?

What’s more, this value is projected to reach $6.62k by 2029, which tells me that experts already expect more people to use digital payments for their purchases. ?

What are the benefits of QR code payment for businesses and consumers?

With such an impact on the economy, there has to be a reason why QR codes have been so effective as a payment method. Actually, there are five, and I’m going to go over each one.

Ease and convenience

Why are businesses and consumers quick to adopt payment QR codes? The answer is obvious: they’re easy, convenient, and simple to use.?

Paying for things always involves pulling out your wallet, counting your cash, and getting the needed amount. Whether you do this before shopping or at the counter, it’s still something that takes time and can be shaved off.

With QR codes, it only takes one smartphone scan to pay. This makes financial transactions easy and convenient for both customers and businesses.

Faster payments

With ease and convenience comes faster payments, which means customers don’t have to wait too long when lining up to pay for something.?

This improves the overall shopping experience of consumers, leaving a good impression on new customers and keeping repeat ones returning for more.

Secure financial transactions

Another benefit of QR code payments is their security. Customers no longer have to bring their cash out or enter card information into a device. All they will need is their phone and their payment app, and the money will go through digitally.

With a branded QR code for business transactions at points of sale, customers won’t have to worry about being scammed. This is easy for businesses to implement, and they can benefit greatly from it.

Inclusivity and accessibility

QR codes also make payments more accessible to a wider audience. This includes people with little to no access to traditional banking services and customers who choose not to go out with cash at all.

By offering the option to pay via QR codes, the business owner who accepts PayPal QR code payments allows just about anyone to make purchases in their business, making them a more desirable choice over businesses that don’t.

Increased customer base

All of these benefits build up to one: a boost in customers. By offering quick, easy, secure, and accessible payment options, you attract more people to your business.?

As you build these numbers and maintain customer loyalty to your products and services, your profits will only continue to grow.

The future of QR codes in the economy

Similar to how QR code business cards are becoming the future of networking, payment QR codes are also becoming the norm in the retail sector. To explain just how this will come to pass, here are three trends I’ve observed.

Integration with financial services

QR codes have already been integrated with banking and fintech services, but India has taken it a step further with Bharat QR.?

In partnership with Mastercard and Visa, the National Payments Corporation of India (NPCI) launched the world’s first interoperable QR code-based payment solution.?

With Bharat QR, hundreds of millions of users in the country are connected to an instant payment system that allows them to make seamless purchases with any business.?

Seeing how effective it will prove to be, we can expect to see the same system launched in other countries.

Increase in QR code payment users

QR codes are so versatile that they can affect the economy in ways that might not be obvious to many. Let me explain how.

QR code for recruitment

By encoding the job description or application to a QR code, you can quickly add job seekers to your list of candidates. This is especially helpful when you make your QR codes available on printed job advertisements.?

QR code menus

With QR code menus, businesses in the food and beverage industry can make the dining experience more convenient and contactless.?

This can also speed up operations and free up staff for other work, advantages that businesses like Ayra's Bourbon Lounge benefit from. QR code menus can even boost orders when used online.?

Overall, menus embedded in a QR code reduce labor costs and increase restaurant revenue, which is a boon in any economy.?

QR code for marketing

QR codes have made their mark on the marketing world with successful advertisements like Coinbase’s Super Bowl QR code (so successful that it crashed their website). How were they able to do this? By creating engaging experiences where users can unlock content with a scan from their phones.

With amazing QR code campaigns, businesses all over the world can effectively promote their goods and services, leading to more sales and contributing to the economy.

QR code for lead generation and customer retention

QR codes generate leads by directing potential ones to signup pages. Whether the signups are for an upcoming event or your contact information, more leads will always lead to more sales, which keeps the economy going.

QR code for supply chain management

QR codes were created to access product information in the manufacturing process and at retail. This functionality has helped track items along the global supply chain, making trade more efficient and helping the world economy.

QR codes for sustainability

QR codes provide instant access to digital content while only being 2 x 2 cm (0.8 x 0.8 in) big. This reduces paper waste and printing costs, which lowers the demand for paper production and decreases deforestation.?

Businesses that use QR codes not only help the environment but also promote environmental responsibility to their customers. Sustainability practices also make businesses more efficient, planting the seeds for financial growth and a stable economy.

Moving toward a more QR code-based economy

Given its benefits and its effect on the economy, digital payments through QR codes are here to stay. They’re fast, convenient, and effective, so unsurprisingly, more creative innovations will emerge from this technology.?

But QR code-based payments aren’t the only thing shaping the global economy.?

GS1’s Sunrise 2027 envisions replacing traditional barcodes with Digital Link QR codes at point-of-sale systems to make operations more efficient, unified, and transparent.

Because of these two trends, QR codes are definitely becoming the new normal for consumers and businesses alike.

If there’s one thing we can be sure of, it's that our current standards will always be improved. As this continues, we can expect a more efficient economy in our lifetimes.