The global mobile card reader market is forecast to grow at a CAGR of over 13% during the forecast period. The primary factors that are encouraging the growth of the market include the paradigm shift of the consumers towards the digital payment options. Also, the government support towards the digitalization is primarily driving the global mobile card reader market growth. For instance, the Indian government program for cashless India focuses to transform the country into a digital-based society as well as economy. Such initiatives by the government fuel the demand for such solutions including online transactions, which in turn, is projected to drive the global mobile card reader industry.
The mobile card readers also accept contactless payments via Android Pay, Apple Pay, and other NFC-enabled smartphones and watches. The devices are integrated with various levels of security, such as chip & PIN payments, which provide safe & secure payment transactions. Thus, which again fuels the adoption, and hence encourage the growth of the global mobile card reader market during the forecast period.
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Further, the introduction of value-added reimbursements in these solutions to enhance the scope of the device beyond payment acceptance options is flourishing the market with various innovations. Some of the new value-added services using card transaction data includes analytical tools, sales reports, inventory management, and receipt management services, among others. Other major benefits offered by mobile card readers include ease of use and lower operating costs, which lead to the increased adoption of these amongst the retailers. It offers various benefits to retailers such as personalized service, mobility, fast checkout, and multiple payment options, and many others which in turn provide opportunities for the market growth.
Moreover, the presence of the key manufacturers operating in the global market includes Fidelity National Information Services, Inc., Paypal Inc., Square Inc., Verifone Holdings, Inc., Ingenico Group, and others. These key players are focussed on offering advanced payment options that enable customers for improved customer experience. For instance, Square Inc. provides a novel mobile card reader, based on the concepts of chip cards and NFC payments by linking wireless payments to smart devices.
Smartphones and tablets are the devices that allow the processing of payments via various methods including contactless, chip payments and card swipes. It also offers various features, such as invoice, receipt, and tax calculation. However, there are various apps and digital payment methods such as Paytm, PhonePe, Unified Payments Interface (UPI), and Google Pay that may negatively impact the growth of the global mobile card readers market.
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Current Market Trends Covered in the Market Report:
· An increased shift towards the digital payment options is positively affecting the growth of the mobile card reader industry.
· Near Field Communication (NFC)segment will account for significant growth during the forecast period.
· North America region will register a significant growth rate in the market.
Global Mobile Card Reader Market – Segmentation
By Technology
· Chip and PIN
· Magnetic stripe
· Near Field Communication (NFC)
By Application
· Entertainment
· Retail
· Healthcare
· Hospitality
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
