Press Release / Technology / Pay Card Reader Market Overview, Growth, Opportunities and Development 2023

Pay Card Reader Market Overview, Growth, Opportunities and Development 2023

Market Highlights:

Market Research Future (MRFR) asserts that the global pay card reader market is estimated to register a CAGR of 44% during the forecast period (2017-2023). The increased penetration of smartphones and tablets worldwide is favoring the market growth. A pay card reader can be referred to as a device which is used to read debit and credit cards with the help of a pin and magnetic band technology. The device connects to the mobile phone via NFC or Bluetooth technology or an audio jack. A pay card reader comes with a pin which links to a mobile device through an audio jack. Some of the readers can be allied wirelessly either by using Bluetooth or NFC technology.

The pay card reader market is at its prime at present and it will continue to climb ladders of success in the future as well. The revenues for this market are expected to show considerable upswing by the end of the forecast period. On the other hand, the CAGR too stands tall at an impressive 44%.

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Major Key Players

Square, Inc.,
Paypal Inc,
Intuit Inc. (U.S.),
PayAnywhere LLC (U.S.),
Paynear ONE Solutions (India),
First Data Corporation (U.S.),
CPI Card Group Inc. (U.S.),
Infineon Technologies Ag (Germany),
Gemalto (Netherlands),
Mahindra Comviva (India)
According to MRFR, The global Pay Card Reader market is projected to reach USD 73 billion at a CAGR of over 44% by the end of the forecast period 2016-2022.

Industry Updates

March 11, 2019: The British bank NatWest is trailing the use of a new NFC payment card which comes with a built-in fingerprint scanner. The trial will allow their participants to make NFC payments without having to offer a signature or input a PIN.

Market Potential and Pitfalls

The global pay card reader market is estimated to experience a sturdy growth rate during the appraisal period as governments across the world are striving to improve the internet and mobile infrastructure coupled with the increased demand to transform the contactless payment system. The surging number of micro, small, and medium-sized enterprises is further enhancing the mobile payment market worldwide. The complications related to high transaction fees and bank procedures has led to the shutdown of several micros, small and large businesses, who are further looking forward to incorporate card-based transactions. Such factors are triggering the demand for pay card reader market throughout the appraisal period. The global pay card reader market has witnessed an upliftment in its growth in the past few years. it has been noticed that the on-going switching to MasterCard, Euro pay, and Visa, and other chip-based standards likely to add an impetus to the market growth along with diffusion of smart acceptance devices rising every year. The market is also estimated to amplify owing to the increased penetration of smartphones and tablets. With increasing digitization, smartphones have witnessed a robust growth and is likely to escalate in the coming years. Moreover, the recent transformation from cheque and cash to mobile and electronic payments is estimated to intensify the market growth across the globe.

On the contrary, network issues and security breaches are some of the top barriers considered to vitiate the global pay card reader market throughout the appraisal period.

Regional Analysis:

Geographically, the pay card reader market span across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).

Considering the global scenario, the pay card reader market is dominated by the North American region which accounts for the largest share in the market. The increased proliferation of smartphones and tablets along with constant technological innovations are contributing to the market growth in this region.

The Asia Pacific region is considered to occupy a significant share in the global market. The growth is credited to the fast adoption of card-based technology in this region especially in the nations like India, Japan, and China. Moreover, favorable economic conditions are likely to influence the market growth in the coming years.

Segmentation:

The global pay card reader market has been segmented on the basis of technology and application.

By mode of technology, the global pay card reader market has been segmented into near field communication technology, Europay MasterCard Visa (EMV) Chip, and QR codes.

By mode of application, the global pay card reader market has been segmented into hospitality, healthcare, entertainment, retail, consumer utility services, and transportation. Among these, the retail sector is anticipated to dominate the application segment is likely to garner USD 2,763.16 million with the fastest CAGR of 43.89% in the coming years.

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Intended Audience:

Research & Consultancy Firms
Technology Providers
Software Providers
Government
Banking & Finance Institutes
List of Tables

TABLE 1 Global pay card reader Market, By technology, 2016-2022 (USD Million)

TABLE 2 Global pay card reader Market of europay mastercard visa (emv) chip by Region,

TABLE 3 Global pay card reader Market of near field communication technology by region,

TABLE 4 Global pay card reader market of chip & sign by Region, 2016-2022 | (USD Million)

TABLE 5 Global pay card reader market of biometrics Segment by region, 2016-2022 (USD Million)

Continued……

List of Figures

FIGURE 1 MRFR Research Process

FIGURE 2 Forecast Model

FIGURE 3 Global pay card reader MARKET: drivers & Challenges

FIGURE 4 Global pay card reader market supply Chain

FIGURE 5 Global pay card reader MARKET: Porter’s Five Forces Analysis

FIGURE 6 Global pay card reader Market: Porter’s Five Forces Analysis

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