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QR code purchases soaring fivefold in 2023 — Tinkoff research

It is reported that the number of purchases and turnovers of payments using QR codes will increased by 1.5 times more

MOSCOW, April 9. /TASS/. Purchases made by Tinkoff Bank clients with the use of QR codes surged fivefold in 2023 annually and by 23 times against 2021, according to the Tinkoff Business research seen by TASS.

"In 2023, buyers made five times more purchases using QR codes than in 2022 and 53 times more than in 2021. In 2023, turnovers of payments with the use of QR codes turned out to be four times larger than in the last year and 15 times than in 2021. According to forecasts of the ETNA artificial intelligence-based service for analytics and forecasting, the number of purchases and turnovers of payments using QR codes will increased by 1.5 times more (or by 50%)," the document reads.

Calculations were made using data of payment transactions of more than 40 mln retail clients and turnovers of business clients of Tinkoff in 33 retail business categories from January 2023 to February 2024.