Member Exclusive, Payments

‘2020 was the year of QR code adoption — 2021 will be the explosion’: QR codes continue to climb in popularity

  • Past the three-month mark of 2021, we’re still seeing QR codes grow in popularity.
  • But how this payment method will expand continues to leave the future of QR codes kind of blurry.
close

Email a Friend

‘2020 was the year of QR code adoption — 2021 will be the explosion’: QR codes continue to climb in popularity

In December, payments firm Klarna partook in a fashion show in Australia. Instead of modeling outfits, models walked down the runway wearing robes and holding QR codes. The audience could then scan the QR codes to reveal the true outfits via their Klarna apps and buy the clothing on their phones.

But unlike the clothes showcased in the fashion show, QR codes aren’t likely to go out of style any time soon.

We’re past the first quarter of 2021, and we’re still seeing increased interest in QR codes. 11 million households in the US are predicted to use QR codes this year to make payments. Half of the restaurants in the US now offer QR codes.

SPONSORED

 

“It’s replacing the physical menu, it’s going to replace the physical receipt, and even after everybody’s vaccinated, even after we go to where there’s no mask, I believe that QR codes are going to stay,” said Kevin Olsen, svp of payment solutions at VSoft.

As more companies explore new ways of implementing this payment method, 2021 seems to be the year for QR codes setting up camp in people’s shopping habits.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘2020 was the year of QR code adoption — 2021 will be the explosion’: QR codes continue to climb in popularity”

Payments

Worldpay from FIS reduces barriers to entry into the crypto market with MoonPay partnership

  • Worldpay is working with crypto firm MoonPay to enable easier buying and selling of cryptocurrencies.
  • MoonPay will leverage Worldpay’s technology to allow users to purchase cryptocurrencies and NFTs with credit and debit cards.
Ismail Umar | July 28, 2021
Payments

QuickBooks introduces new payments hardware for small businesses as everyone guns for Square

  • Intuit has introduced a new innovative, inexpensive card reader targeting small businesses.
  • Square's rising dominance over the SMB payment ecosystem is increasing competition around SMB payments.
Zachary Miller | July 26, 2021
Payments

Emphasizing high APY, Amex debuts checking account for SMBs

  • Kabbage Checking offers one of the highest APYs available to SMBs with 1.1 percent interest on balances up to $100,000.
  • SMBs can also access a line of credit between $1,000 and $150,000.
Shehzil Zahid | July 07, 2021
Payments

Capital One launches new flexible payment options for small business customers

  • Cash flow problems are among the biggest challenges facing small businesses, particularly during the pandemic.
  • Payments startup Melio will provide access to accounts payable and receivable cash flow management tools for Capital One’s SMB customers.
Ismail Umar | June 29, 2021
Payments

Affirm’s new deal with Shopify bakes it into Shop Pay Installments

  • The partnership gives Affirm a new distribution route with access to 1.7 million merchants.
  • A Barclays report says investors are underappreciating the partnership but that there’s no need.
Shehzil Zahid | June 24, 2021
More Articles