Market Research Future (MRFR) reports that the worldwide market for pay-card reader was estimated at USD 5,860 million in 2016 and can touch USD 73,057.27 million by 2023. The market is projected to register a growth rate of 43.63% during the forecast period (2016-2023).
Top Drivers and Key Barriers
The global payment industry is rife with stiff competition, with POS terminal, IC, smart card and pay card reader battling it out to achieve high profits in the market. The pay card reader can be described as a machine that helps read credit and debit cards, either using a magnetic band or chip or pin technology. Pay card readers include a pin that is connected to a mobile device using an audio jack. There are certain pay card readers that can be linked wirelessly with the use of NFC technology or even Bluetooth.
In recent years, customers are now switching to MasterCard, Visa, Euro pay, and other chip-based standards, in conjunction with the rising diffusion of smart acceptance devices. Mounting awareness about this technology also boosts the market growth. The worldwide market for pay card reader also benefits from the increasing penetration of tablets as well as smartphones all over the world. The smartphones market has noted strong growth over the years and can expand further in the coming years, which is bound to favor the pay card reader market.
Furthermore, the transformation from cash and check to mobile and electronic payments can induce the growth of the global pay card reader market in the coming years. Additionally, favorable government policies, mounting number of smartphone base along with the growing number of micro and small merchants can do wonders for the global pay card reader market during the review period.
The global market for pay card reader industry has been segment considering the technology and application.
Technology-based segments included in the report are near field communication technology, QR codes and Europay MasterCard Visa (EMV) Chip.
Application-wise, the market segments are hospitality, healthcare, entertainment, retail, consumer utility services and transportation.
The COVID-19 analysis of Pay Card Reader market has been regionally split into Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).
The North America market for pay card reader is expected to be the strongest contender across the globe. The United States (U.S) and Canada will be the most lucrative markets in the region, on account of the high concentration of esteemed vendors. The region is also known for its well-established infrastructure that leads to high penetration of devices and better connectivity. In addition, high disposable income of people combined with the rising rate of cybercrimes boosts the market demand in the region. However, the United States (U.S.) forms the largest market in the region, in terms of revenue along with the adoption of cable that provides higher bandwidth.
The APAC pay card reader market is set to grow at the fastest rate in the years to come, thanks to the booming telecommunication and IT infrastructure, developing countries and technological advancements in pay card reader. The quick adoption rate of pay card reader technology is noted in developing countries like India, Japan, and China, owing to the favorable economic conditions.
The significant players in the worldwide market for pay card reader include Mahindra Comviva (India), Payanywhere Llc (U.S.), Paypal Inc, Intuit Inc. (U.S.), First Data Corporation (U.S.), Square, Inc., Infineon Technologies Ag (Germany), CPI Card Group Inc. (U.S.), Gemalto (Netherlands), Paynear One Solutions (India), to name a few.