QR code scanning has become one of the most popular forms of cross-border mobile payments in Southeast Asia since the end of the Covid-19 pandemic. According to consultancy Juniper Research, the volume of QR code payments in the region is expected to soar by at least 590 percent by 2028. This projected growth can partly be attributed to the booming tourism between China and Southeast Asia under visa-free policies, which has boosted three major payment platforms, Alipay+, WeChat Pay and China UnionPay. Alipay+ covers 90 million business outlets globally, WeChat Pay rolled out tourist-friendly apps in the region and China UnionPay is in talks to unify QR code standards. Experts suggest that payment processors for retail payments should be replaced by clearing houses to ensure cross-border mobile payments are more reliable.
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