Member Exclusive, Payments

Contactless pay is here to stay: What about QR codes?

  • The use of QR codes is slowly growing in the US.
  • Their increased popularity may stick around even after the pandemic.
close

Email a Friend

Contactless pay is here to stay: What about QR codes?

Covid-19 has transformed consumer behavior. Cash is less common, cards are less shiny, and contactless pay is catching on.

Since March 2019, the use of contactless pay in the US has increased by 150%, according to research by Visa. Amid this increase, QR codes are seeing a lift, too.

Since the spread of Covid, QR codes have seen an 11% boost in new US users, according to Mercator’s 2020 survey.

This payment method was originally invented in Japan in the 90s to serve the automotive industry. It has spread since then. Nowadays, people scan QR codes to get information, visit a website, and make payments.

QR codes were popular before the pandemic as well, but mainly outside the US. In Asia, for example, 46% of e-commerce transactions in the region are done through digital wallets.

In the US, though, QR code usage has been historically low and slow in adoption. While the option to use them has been around for a while, people just haven’t shown much interest until now.


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 — $59/mo Already an Outlier member? Sign in to your account

0 comments on “Contactless pay is here to stay: What about QR codes?”

Payments

The payments space is getting closer to really serving B2B

Ismail Umar | September 20, 2021
Payments

‘E-commerce subscriptions are about stability and predictability for consumers’: Behind Recharge’s recent growth

  • As more consumers started subscribing to various purchases during the pandemic, Recharge saw its own growth in revenue.
  • But are subscription services enough to stand on as a payments company?
Rivka Abramson | September 15, 2021
Payments, Sponsored

Gig workers are paving the future of payments

  • The gig economy is here to stay, and it's growing across the globe.
  • These are the four major trends shifting the payments space.
Nium | September 08, 2021
Payments, Sponsored

Tap to pay is here to stay: How to deliver a delightful contactless customer experience

  • Contactless payments have graduated from nice-to-have to a must-have option at stores.
  • The pandemic sped up the adoption process for Americans, many of whom now expect tap to pay.
Visa | September 02, 2021
Payments

HSBC UK uses new card designs in bid for greater accessibility

  • In association with the The Alzheimer’s Society UK, HSBC has redesigned its cards to make them more accessible.
  • The new cards, made 85% out of recycled plastic, are believed to reduce CO2 emissions and reduce plastic waste.
Subboh Jaffery | August 25, 2021
More Articles