Pay Card Reader Market Analysis, Size, Share, Overview, Growth Analysis, Emerging Technologies and Trends by Forecast to 2023 | Analysis of COVID-19
Several of the main factors behind global pay card reader growth include increasing tablet and mobile adoption across the globe. The demand for smartphones has seen rapid growth and is expected to intensify at a substantial rate in the coming years. In addition, the latest transition from cash and cheque to electronic and mobile payments will boost the potential development of the global market for pay card readers. Besides this, supportive policy policies, increasing mobile base numbers as well as growing numbers of micro and small retailers are expected to accelerate the growth of the global pay card reader industry over the forecast timeframe. Technology is serving a vital role in the contactless payment transaction. There is various technology Used to connect a mobile pay card reader system or other handheld devices such as near-field communications technology, Bluetooth, chip and sign, biometrics, magnetic strip and QR code. The aforementioned platform has its significant features and is commonly used in the mobile payment process. Smart card transfers, automatic teller machines, and payment terminals are made using EMV technology.
Market Research Future (MRFR), in its newly published research report, asserts that the global pay-card reader market is booming is expected to a substantial market valuation from USD 5.8 billion in 2016 to USD 73.06 billion by 2023, and a healthy 43.63% CAGR in the review period.
Previously known as EMV smart cards and consist of a magnetic strip that stores their information on integrated circuits. Popular payment solutions such as Apple Pay and Android Pay Using near-field networking systems to enhance health. QR computer development has not yet been released but it is expected to be unveiled by technologists soon. Mobile POS comprises iphones, laptops, or other cellular system that functions in the same way as any mobile PoS terminal. The customer must download a smartphone app to access this program, and connect the computer to a card reader to make transactions.
The geographical analysis of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
The pay card reader market in North America is poised to witness significant growth and account the largest market share over the assessment period. U.S and Canada are anticipated to fuel the growth of the North American Pay Card Reader market owing to the presence of a large number of established key players. North America also has a well-established infrastructure, which enables higher penetration of devices and ultimately provides enhanced connectivity. Other factors such as the high contentration of major technology giants, the high disposable income of consumers, and the top rate of cybercrimes taking place.
In the global pay card reader market, Asia Pacific is poised to witness a relatively faster adoption at the fastest CAGR during the review period as compared to other regions owing to the increased growth of telecommunication and IT infrastructure, emerging economies, and technological advancement in the pay card reader in the region.
The key market players functioning in the global market as identified by MRFR are Gemalto (Netherlands), Paypal Inc, Intuit Inc. (U.S.), Square, Inc., Payanywhere Llc (U.S.), First Data Corporation (U.S.), CPI Card Group Inc. (U.S.), Paynear One Solutions (India), Infineon Technologies Ag (Germany), Mahindra Comviva (India) And Others.
The pay card reader market share is segmented by technology and application. By technology, the market is sub-segmented into Europay MasterCard Visa (EMV) Chip, near field communication technology and QR codes. By application, the market is segmented into healthcare, hospitality, retail, entertainment, transportation, and consumer utility services.