GUANGZHOU, China : On May 18, Tencent’s WeChat, Tsinghua University’s Tsinghua China Data Center, and the Tencent Social Research Institute jointly released a report entitled “The 2020 Pandemic and the QR Code Economy Report”. The report points out that as an important part of the digital economy, the WeChat QR Code Economy has played an effective role in buffering the negative impact of the COVID-19 pandemic.
In the first quarter, the WeChat QR Code economy increased by 25.86% in value from the prior year despite the difficult macroeconomic environment. During the pandemic period (including data from 2020 January 23 – May 6), government, businesses, and individuals used WeChat QR codes over 140 billion times in total, which on average helped each person save 29.2 hours.
The QR Code Economy is a new economic model that builds a ubiquitous digital connection between people, things, and places using convenient code-scans within the WeChat ecosystem comprised of WeChat Official Accounts, Mini Programs, WeChat Pay and WeChat Work.
From shopping, digital governance to entrepreneurship within the WeChat platform, the QR Code Economy permeates throughout economic and social operations with the concept of “making connection easier and technology more inclusive”. The scale of the QR Code Economy driven by WeChat in 2019 reached RMB 8.58 trillion, which generated 29.63 million employment opportunities in total.
The report points out that during the COVID-19 pandemic, QR codes have not only helped ensure the smooth flow of information, but also reduced the cost for pandemic prevention, and guided the optimal allocation of social resources. The pandemic has accelerated the digitalization processes within all areas of the society, and the QR Code Economy is set to grow in tandem with the demand for new digital infrastructure.
Here are some highlight numbers from the report:
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Source: PR Newswire