Press Release / Business / Bus Card Reader Market Growth Potential & Forecast, 2019 – 2025

Bus Card Reader Market Growth Potential & Forecast, 2019 – 2025

Bus Card Reader Market size should witness a significant growth during the forecast time period with rising adoption of electronic payment methods in the transportation business. Cashless transactions provide a secure and reliable payment option to travelers in several transportation facilities. The ease of accessing data from electronic identification cards and debit & credit cards will increase the adoption of readers in the transportation sector. The high demand for these cards among millennials to avoid the hassle of carrying cash is being witnessed. The advanced features of these readers include fare collection, balance inquiry, data collection, and live voice prompts.
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The rise in urbanization has led to increased adoption of readers in public transport services. Transportation service providers are implementing modern solutions for enhancing security, reliability, and customer care. The adoption of card readers in public transportation allows customers to select the destination and use the card reader for payment on buses. They offer businesses and individuals secure and more convenient payment options, resulting in its high demand. Moreover, rising government initiatives in various countries for improving public transportation have led to the growth of the bus card reader market. For instance, in March 2019, the Indian Government under its One Nation One Card scheme launched the National Common Mobility Card (NCMC) initiative. This will help users pay transportation charges including metro services and toll tax across the country electronically. Such factors are anticipated to drive the market growth over the coming years.
Slow technological adoption in several countries is hindering the bus card reader market growth. Several countries are lacking in transport and economic development and are not adopting modern solutions to develop their transport facilities. For instance, in March 2019, Bangkok Mass Transit Authority (BMTA), terminated the installation of e-ticket readers in buses due to its unreliability in fares. Additionally, technical challenges faced by businesses in shifting to smart cards and the risk of losing contactless cards may hinder market growth.
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The adoption of modern solutions, such as contact technology, in tourist buses will drive the bus card reader market over the coming years. The implementation of the smart card facility in tourist buses will allow users to easily make payments for the journey, improving the user experience. Several countries are increasingly adopting these readers. For instance, the Singapore Government adopted the use of EZ-Link card for providing tourists unlimited public transport travel on basic bus services. The card allows users to add credits for fare payments in the bus. Such features and easy-to-use techniques will increase the demand for smart card readers.
The rapid adoption of readers in school buses is being witnessed in the bus card reader market. The device includes an RFID chip connected to a server, which provides automatic attendances and maintains the information of students after boarding the bus. Additionally, this device provides security for children by identifying when a student boards or exits the school bus through a unique RFID number. Waving or swiping of card is not needed in such facilities. The solutions implemented in the bus help to recognize the card even if it is placed inside the wallet or the students’ backpack. This facility enhances the security of children by tracking the child’s daily journey.
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The Asia Pacific bus card reader market will witness considerable growth over the coming years. The region is a manufacturing base for several market players that are focusing on the development and adoption of various solutions. Countries including Singapore, Indonesia, China, and India are rapidly adopting digitization scheme, positively impacting the demand for these readers. For instance, in November 2016, the government of India launched the demonetization initiative, which led to the digital currency adoption. Owing to the initiative, several customers/clients have adopted cashless transactions as a medium of payment.
The key players in the bus card reader market include MagTek Inc, Advanced Card Systems Ltd, VeriFone Holdings, Inc, Cardlan Group, Shenzhen Rakinda Technology Co., Ltd, Postech, Shenzhen HCC Technology Co., Ltd., EP Intelligent Technology Co. Ltd., Shenzhen Decard Smartcard Tech Co Ltd., HID Global Corporation, and Diebold Nixdorf, Incorporated. These companies are focusing on mergers & acquisitions to increase their geographical reach.
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