#PayTech / QR codes gain momentum as consumers demand socially distanced payments

It’s a fintech example of everything old becoming new again. The QR code – a technology first used in 1994 by the Japanese automotive industry – will reign as one of this year’s top ten fintech trends…

A recent study by Juniper Research forecasts the number of global users of QR code payments will exceed 2.2 billion in 2025, up from 1.5 billion in 2020. The 2025 figure would represent nearly 30% of the world’s mobile phone users. Juniper Research estimates the global market for QR code payments will exceed $2.7 trillion in 2025.

PayPal and PayPal-owned Venmo are propelling the rollout of QR code payments in the U.S. In November, they introduced QR code payment capabilities at more than 8,200 standalone CVS pharmacies across the country. CVS is the first national retailer to offer QR code payments through PayPal and Venmo.

At CVS, a customer can pay by opening either the PayPal or Venmo mobile app, then clicking the “scan” button and selecting the “show to pay” option. PayPal customers can pay with stored debit or credit cards, bank accounts, a PayPal balance or a PayPal credit line. With Venmo QR codes, customers can pay with stored debit or credit cards, bank accounts, a Venmo balance or a Venmo credit card. The customer pays no fees for using this payment method.