April 15, 2020 – A recent market intelligence report that is published by Data Insights Partner on the global QR Scan Payment Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international QR Scan Payment Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global QR Scan Payment Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global QR Scan Payment Market is offered. In accordance with the report, the global QR Scan Payment Market is projected to expand at a CAGR of xx% over the period of forecast.
Market Insight, Drivers, Restraints & Opportunity of the Market:
QR Scan Payment is a mode of contactless payment, wherein the consumer scans the QR code that shows on his mobile application. QR Codes can be used to pay utility bills, grocery, fuels etc.
The transaction taken to process the payment is faster as compared to other mode of payments. Also, the time taken to on-board a merchant is much lesser and the procedure is hassle-free as compared to PoS machines. The growing prevalence of Smartphones in various emerging economies, consumers now prefer to make payment through QR code instead of cash transactions. POS terminals as compared to QR codes is very expensive, due to which merchants are adopting the QR Scan payment method for their transactions.
However, the major challenges faced by QR Scan Payment market is the increase in number of infected smartphones with viruses that might lead to security breach
Various companies in China like Alibaba and WeChat started offering the facilities of QR Scan payment method, due to which QR code payment volumes in China have increased considerably. With an increase in population and adaptability to advanced technologies, the region of Asia is expected to dominate the global QR Scan payment market in the forecast period. The biggest opportunity that will lead to growth of this market is the fact that small retail shops and vendors are now adopting the QR Scan payment method due to its low cost model and eventually with an increase in such vendors, customers will replace cash transactions with the technologically advanced option of scanning QR Code.
With the recent attack of Coronovirus (Covid-19), various countries are in a complete or partial lockdown and are maintaining strict social distancing. Due to strict lockdown policies enforced by respective Governments of all countries, various businesses in industries like entertainment, food & beverage, travel etc. are not operational. With industries like these which are experiencing a sharp slowdown, an estimated 30% decline is expected in digital payment market, thereby decreasing the overall demand for QR Scan Payment market globally.
Segment Covered:
This market intelligence report on the global QR Scan Payment Market encompasses market segments based on product type, application and country/regions.
In terms of application, the global QR Scan Payment Market is segregated into
- Restaurant
- Supermarket
- Travel
- Others
By type, the global QR Scan Payment Market is also classified into,
- Active Scan Code
- Others
By country/region, the global QR Scan Payment Market has been divided into
- North America (the U.S., Canada),
- Latin America (Brazil, Mexico, Argentina and other countries),
- Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
- Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
- Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
- Alibaba
- Tencent
- Union China
- Paytm
- BarclayCard
- Line Pay
- Meituan Dianping
Others players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as QR Scan Paymentrelated investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Salient Features:
- This study offers comprehensive yet detailed analysis of the QR Scan PaymentMarket, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
- It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
- This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
- Profiling of key market players in the world QR Scan PaymentMarket is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
- Leading market players covered this report comprise names such as Alibaba, Tencent, Union China, PayTm, BarclayCard, Line Pay, Meituan Dianping and many more.
- The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
- The world market for QR Scan PaymentMarket caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for QR Scan PaymentMarket. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
- Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
- Reports have been made based on the guidelines as mandated by General Data Protection Regulation
- Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
- Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the QR Scan Payment Market
- Identification of key factors driving investment opportunities in the QR Scan Payment Market
- Facilitate decision-making based on strong historic and forecast data
- Position yourself to gain the maximum advantage of the industry’s growth potential
- Develop strategies based on the latest regulatory events
- Identify key partners and business development avenues
- Respond to your competitors’ business structure, strategy and prospects
- Identify key strengths and weaknesses of important market participants
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