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.

“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”

Member Exclusive, Payments

Payments Briefing: How digital wallets fared over the last year

  • This week, we take a look at how digital wallets have performed among US consumers over the past year.
  • We also discuss why credit cards are earning higher satisfaction scores, but still struggling to keep competitors like BNPL, debit cards, and cash at bay.
Ismail Umar | October 07, 2022
Payments, Power of Payments Podcast

Power of Payments Ep. 15: ‘Regulators don’t hate BNPL — they just want more consumer protection’: Citizens Pay’s Gaurav Sethi

  • Gaurav Sethi, chief strategy officer at Citizens Pay, joins host Ismail Umar on this week’s podcast.
  • He talks about how being a bank-owned BNPL provider differentiates Citizens Pay from competitors, how the current macroeconomic climate is impacting BNPL firms, and what increased regulation would look like for the sector.
Ismail Umar | October 07, 2022
Library, Payments

Tearsheet’s TPOP Guide 2022

  • Tearsheet hosted its first TPOP Conference to deeply discuss and network around the top payments trends, companies, and products.
  • Tearsheet’s TPOP Guide 2022 highlights the challenges and opportunities ahead as we move into the next generation of payments.
Tearsheet Editors | October 05, 2022
Payments

Consumers are struggling with credit card payments – is BNPL a viable alternative?

  • Consumers are struggling more with meeting the minimum payments on their credit cards than last year.
  • This means more people are turning to BNPL payments because of their perceived benefits – which may come at a cost to consumers.
Sara Khairi | October 04, 2022
Payments, Sponsored

Topping one billion transit transactions with contactless payments

  • 45% of riders plan to use contactless credit/debit cards or mobile devices to pay for transit.
  • Visa has powered more than one billion tap-to-pay transactions on public transit in ten months.
Visa | October 03, 2022
More Articles