Market Highlights
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.
The need to ensure smart fund transfer is a major driver of growth for the pay card reader market. Reports that oversee the semiconductors and electronics industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market is expected to be bolstered by incomes worth USD 73,057.27 million while progressing at a CAGR of 43.63 % by 2023.
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.
Regional Insight
The global 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.
Significant Players
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.
Segmentation:
The segment-based overview of the pay card reader market share is carried out on the basis of technology, application, and region. On the basis of technology, the pay card reader market is segmented into Mastercard Visa (EMV) chip, Europay near field communication technology, and QR codes. Based on the applications, the pay card reader market comprises of transportation, hospitality, retail, healthcare, entertainment, and consumer utility services. Based on the regions, the pay card reader market is segmented into Europe, Asia Pacific, North America, and other regions of the world.
