This market study report segments the global mobile card reader market by technology (NFC, magnetic strips, and chip and pin), by end user (large enterprises and MSMEs), and by geography (the Americas, APAC, and Europe). The top vendors analyzed in this market research report are Electronic Merchant Systems (ems+), eWAY, EzeTap, Ingenico, Jusp, LifePay, Mswipe, PayAnywhere, Payleven, PayPal, Square, SumUp, and Verifone.
Technavio’s market research analysts estimate the global mobile card reader market to generate revenues of $29 billion by 2020. The recent increase in the number of card transactions throughout the globe will aid in the growth of this market during the forecast period. Also, since most consumers prefer to use cards and digital money as a mode of payment, vendors in the mobile card readers market have started to invest more in the technology and market as it will help them to bolster their revenue generating capacity. The Americas is expected to be the largest market in the mobile card reader market, occupying more than 53% of the total market share. The presence of major market leaders like Square, PayPal, PayAnywhere, and Verifone in the US is a critical factor that will spur the prospects for market growth in this region.
The new market research report from Technavio provides a breakdown and analysis of the card reader segments by technology.
“Contactless payment systems are gaining traction in the market as it makes use of the near-field communication (NFC) chip technology present in the transmitter and readers. The cards issued by Visa and MasterCard have a symbol that is unique to contactless payments. These cards can be placed near a contactless reader, which will then accept the payment within a few seconds. The demand for such cards will increase continually as it reduces the waiting time and also benefits the merchants,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research
The chip and pin technology segment will account for an impressive market share of more than 72% by 2020 and will be the largest market segment during the forecast period. The ability of this technology to drastically reduce the incidents of frauds and identity thefts will lead to its augmented adoption during the estimated period.
The key vendors in the global mobile card reader market are Electronic Merchant Systems (ems+), eWAY, EzeTap, Ingenico, Jusp, LifePay, Mswipe, PayAnywhere, Payleven, PayPal, Square, SumUp, and Verifone. This market is still in its nascent stage and is characterized by the presence of a few well-established providers. The market has substantial growth potential, as a result of which, vendors are likely to experience high growth over the next few years
A more detailed analysis is available in the Technavio report, Global Mobile Card Reader Market 2016-2020.
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