Pay Card Reader Market 2018 Key Players, Supply Chain, Demand, Growth, Application, Analysis and Forecast to 2022

“\”Pay Card Reader Market\””
Pay Card Reader Market: By Technology (Europay MasterCard Visa (EMV) Chip, near field communication technology, QR codes), By Application (Healthcare, Hospitality, Retail, Entertainment, Transportation and Consumer Utility Services) – Global Forecast till 2022

Market Highlights:

The payment industry has come a long way since its inception. These days the usage of IC, POS terminal and smart cards has become commonplace. Due to such developments over the years the global payment card reader market has eventually gained recognition. According to the research report by MRFR (Market Research Future) the worldwide market for payment card reader will grow by leaps and bounds in the coming years.

Payment card reader is an innovative machine that has the ability to identify & authenticate debit and credit cards. The device has an inbuilt magnetic band or chip and pin technology that undertakes this task. With the help of an audio jack or through NFC or Bluetooth technology this device is linked to a mobile phone. The employment of this machine has become widespread these days as people tend to carry cards rather than cash with them.

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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Government support plays a crucial role in the expansion of this market. All around the world, initiatives are being taken by the government to enhance the mobile and internet infrastructure of their respective region. Furthermore the necessity to revolutionize contactless payment systems is another important aspect that promotes the growth of the market.

The current generation is tech-savvy, the individuals of this era are well-informed about the latest technological innovations. This is another fact that works in the favor of the market.

Key Findings:

By Technology: Magnetic Strip is dominating the market of pay card reader  by  technology and has reached USD 1,936.81 Million in the year 2017 and Near Field Communication is expected to grow at a fastest CAGR of  44.36%.

By Application: Retail is dominating the market of pay card reader by application and has reached USD 2,763.16 Million in the year 2017.  And is also is the fastest growing at a 43.89% CAGR.

Major Key Players

Some of the prominent players in the global pay card reader market: 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) And Others.

According to MRFR, the global Pay Card Reader Market is expected to grow at a CAGR of approximately 44% during the forecast period 2017-2023.

Regional Analysis:

The global Pay Card Reader market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the pay card reader market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the North American Pay Card Reader market owing to the presence of large number of established key players. North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. Other factors such as the presence of major technology players, high disposable income of people and high rate of cybercrimes taking place.

Segmentation

The global market for payment card reader has segmented into two distinct parts. Both of them and their sub-segments are listed as below:

Applications – Hospitality, transportation, healthcare, consumer utility services, retail and entertainment. Out of all these, it is the retail sub-division that makes the most out of its market. It registered staggering revenue of USD 2,763.16 million in the last year. Over the forecast period this portion is expected to tread forward at the CAGR of 43.89%.

Technologies – Near field communication technology, magnetic strip, biometrics, chip and sign Europay Mastercard Visa (EMV) and QR codes. Amongst the aforementioned sub-segments, magnetic strip reigns the market at present. It accounted to USD 1,936.81 million in the year 2017. Whereas the near field communication technology is estimated to grow at the CAGR of 44.36% during the forecast period

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Intended Audience:

  • Research & Consultancy Firms
  • Technology Providers
  • Software Providers
  • Government
  • Banking & Finance Institutes

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