QR code coupons redeemed via mobile are expected to reach 5.3 billion by 2022 from an estimated 1.3 billion in 2017.
This is according to a new study Mobile & Online Coupons: Leading Vendors, Technologies & Market Forecasts 2017-2022, released by Juniper Research last week.
The study found that the use of QR codes to deliver coupons and discount offers will increase substantially, as in-built QR functionality on mobile devices drives usage, with Apple leading the way. "Retailers are set to take advantage of an increasingly receptive audience for QR codes. We forecasts that over 1 billion mobile devices will access coupons through QR codes by 2022. Apple recent decision to include a QR code reader functionality as part of the camera application on iPhone devices will address a major barrier for use. The lack of an in-built reader had been a hindrance, with consumers needing to download a separate QR code scanner app," explained Juniper research author Lauren Foye.
Locally however, the adaptation of QR codes is steadily seeing a rise as part of digital payment solutions for informal economy in Sub-Saharan Africa.
According to a Mastercard study, Insights into the Informal Economy Report, released in December 2017, 22% of informal market merchants interviewed said they would be interested in using a QR-code solution if it made economic sense and offered discounts. The study further found that merchants who introduced mobile payment acceptance via QR codes saw their revenues climb by 10%.
Gabri"el Swanepoel, vice president of product development and innovation at Mastercard South Africa, explains: "The latest wave of mobile and digital innovations will help grow financial inclusion among informal merchants that play a critical role in South Africa's economy. Together with partners like Spazapp and iKhokha, we are working to significantly boost digital payments at micro, small and medium enterprises in informal settlements."
Andrew Torre, group country manager for Visa Sub-Saharan Africa, adds that the use of QR code based mobile payment solution in the region will afford the informal market to be included in the formal financial system. "For merchants, the QR code lowers the cost of acceptance, and enables them to receive funds directly and securely to their bank accounts. This is critical in helping them manage their supply chain without any delay."
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