Global QR code payments projected to exceed $8 trillion by 2029 as Nigeria revamps NQR 

The projection comes at a time when the Nigeria Inter-Bank Settlement System (NIBSS) is also pushing the use of the Nigeria Quick Response (NQR) to revolutionize payment in the country.

According to the Juniper Research report, the growth of QR payment growth will be fueled by the standardization of national QR schemes and the rise of Account-to-Account (A2A) payment initiatives.

However, the report warns that increased competition from Near-field Communication (NFC) payments, particularly following Apple’s decision to open up third-party NFC access, could challenge QR code adoption in key markets like North America and Europe, where iOS devices dominate.

Despite this competition, QR code payments are expected to maintain their appeal due to their accessibility, affordability, and universal compatibility.

Daniel Bedford, the author of the research, emphasized the cost-effectiveness of QR code infrastructure, stating:

“QR code technology is cheaper and more accessible than traditional point-of-sale systems. This lowers the barrier to entry for smaller vendors, such as street vendors, drivers, and independent workers, enabling them to accept payments easily and driving financial inclusion.” 

NIBSS last week unveiled significant upgrades to its NQR payment system, designed to streamline and enhance digital transactions for businesses and individuals across Nigeria.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.  

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment. 

“You can also send your personal QR code to anybody to pay you rather than send an account number,” Oiwoh said during the unveiling of the NQR upgrades.

The NQR payment system is part of Nigeria’s broader push to promote cashless transactions across the country. Launched in March 2021, in collaboration with the Nigerian financial industry, the system allows customers to make payments by scanning a QR code, which redirects them to their bank or mobile wallet to complete the payment.

The use of QR codes is expected to significantly reduce the reliance on cash, thereby contributing to the financial inclusion agenda of the Central Bank of Nigeria (CBN).