KUALA LUMPUR, Aug 21 — The volume of QR code payments in the leading South-east Asian market will increase from 13 billion in 2023 to 90 billion in 2028, according to a new study from Juniper Research.
Conversely, Western markets have seen very limited adoption; highlighting the global divide in QR payment markets. However, it found significant growth to market volume will come from cross-border interoperability within South-east Asian markets. Indonesia, Malaysia and Thailand have already unified their payment standards; enabling businesses to accept payments from international visitors using their domestic digital wallets, while Singapore and the Philippines set to collaborate by year-end; further unifying payments across the region.