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QR codes payment Market to Reach $35.07 Billion, Globally, by 2030 at 16.1% CAGR: Allied Market Research

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2 years ago

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PORTLAND, Ore., Sept. 23, 2024 /PRNewswire/ — The QR codes payment market is expected to witness notable growth owing to the massive adoption of QR code payment among merchants and the rise in the usage of smartphones & surge in faster connectivity. 

Allied Market Research published a report, titled, “QR codes payment Market by Offering (Solution and Services), Payment Type (Push Payment and Pull Payment), Transaction Channel (Face-to-Face and Remote), End User (Restaurant, Retail & E-Commerce, E-Ticket Booking and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030″. According to the report, the “QR codes payment market” was valued at $8.07 billion in 2020, and is projected to reach $35.07 billion by 2030, growing at a CAGR of 16.1% from 2021 to 2030. 

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The QR codes payment market is expected to witness notable growth owing to the massive adoption of QR code payment among merchants and the rise in the usage of smartphones & surge in faster connectivity. Moreover, developing economies are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, rising data breaches and security issues limit the growth of the QR codes payment market. 
   
 The solution segment held the highest market share in 2020.  

By offering, the solution segment dominated the market in 2020, this segment includes the various software and platforms that enable QR code payments, such as mobile payment applications, POS systems, and digital wallets. The widespread adoption of QR code payment solutions was driven by their ease of use, cost-effectiveness, and the growing demand for contactless payment options, especially following the COVID-19 pandemic. However, the services segment is expected to witness the largest CAGR of 18.0%, the services segment is expected to witness the highest growth in the coming years. This growth is primarily driven by the increasing demand for services related to the integration, maintenance, and support of QR code payment systems.  

The push payment segment held the highest market share in 2020. 

By payment type, the push payment segment accounted for the largest share in 2020. This dominance is largely due to the convenience and efficiency associated with push payments, where consumers initiate transactions by sending funds directly to merchants or service providers through QR codes.  However, the pull payment segment is expected to witness the largest CAGR of 18.4%. Pull payments, where merchants initiate transactions by scanning a customer’s QR code, offer enhanced convenience for both consumers and businesses. This method allows for faster checkouts and reduces the friction associated with traditional payment processes.  

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Regional Insights: The Asia-Pacific region held the highest market share in 2020.  

By region, the QR codes payment market was dominated by Asia-Pacific in 2020. The widespread adoption of mobile payment technologies and the increasing penetration of smartphones have created a favorable environment for QR code payments in countries such as China, India, and Southeast Asian nations.  

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Leading Market Players-  

Alibaba.comBarclaysGoogleLINE Pay CorporationOne97 Communications Limited (Paytm)PayPalRevolut LtdSquare, Inc.TencentUnionPay International Co. Ltd

Key Industry Developments 

In March 2024, Payment Asia released Hong Kong’s annual payment trends and made predictions for the next year’s payment trends. With the increasing update of mobile payment methods and the gradual popularity of QR code payments.In October 2023, The Karnataka Vikas Grameen Bank (KVGB) launched its merchant QR code facility, an easy payment acceptance solution, as part of its efforts to build a cashless economy. KVGB chairperson Shreekant Bhandiwad said the government is aggressively pushing for higher usage of digital payment mechanisms, including the BHIM app, increasing usage of PoS machines and QR codes among others.In May 2022, SimplyPayMe launched their new QR (quick response) code payments system. Devised to facilitate faster touch-free digital payments, the new system allows businesses to create QR codes for instant customer payment without having to manually enter or share their card details.

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Key Benefits for Stakeholders

The study provides in-depth analysis of the global QR codes payment market share along with current trends and future estimations to illustrate the imminent investment pockets.Information about key drivers, restrains, and opportunities and their impact analysis on the global QR codes payment market are provided in the report.Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the market.An extensive analysis of the key segments of the industry helps to understand the QR codes payment market trends.The quantitative analysis of the global QR codes payment market forecast from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

By Offering

SolutionStatic QR CodeMerchant-Presented Mode (MPM)Customer-Presented Mode (CPM)Dynamic QR CodeServicesProfessional ServicesManaged Services

By Payment Type

Push PaymentPull Payment

By Transaction Channel

Face-to-FaceRemote

By End User

RestaurantRetail & E-CommerceE-Ticket BookingOthers

By Region

North AmericaU.S.CanadaEuropeUKGermanyFranceItalySpainNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaAustraliaSouth KoreaRest of Asia-PacificLAMEALatin AmericaMiddle EastAfrica

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

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SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

Published

9 minutes ago

on

July 23, 2026

By

NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

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SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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9 minutes ago

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

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SOURCE Fathom AI Inc.

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