Technavio, a tech-focused market research firm, has published a new report on the global mobile card reader market, which is expected to grow at a CAGR of close to 54% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the market into the following key regions: The Americas, APAC, and EMEA.
|
GEOGRAPHICAL REGIONS |
MARKET SHARE 2016 (%) |
|
Americas |
56.89% |
|
EMEA |
29.88% |
|
APAC |
13.23% |
Source: Technavio
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Global mobile card reader market in the Americas: The growing dependence on cards for payments and transactions will lead to the growth of the market in the Americas. Leading vendors are resorting to the use of mobile card readers to initiate various payments in this region. Recently, Square, a leading vendor in the market, stated that it sells over 70% of its mobile card readers in the US.
“The market in the Americas is adopting Europay, MasterCard, and Visa (EMV)standards that are resulting in the growth of mobile card readers market in the region. The consumers preference are shifting to these devices over traditional mPOS terminals. Growth in the South American countries will help the Americas maintain its market share over the next four years,” says Chetan Mohan, a lead analyst at Technavio, specializing in research on computing devices
Global mobile card reader market in EMEA: The elimination of the high transaction fees charged by MasterCard, Visa, and the banks is encouraging the use of cards for payments and transactions in the EMEA market. The increased number of transactions will boost the demand for mobile card readers in the region. The presence of leading vendors such as Igenico, JUSP, payleven, and LifePay will drive the adoption of these devices in the local markets in the region.
Global mobile card reader market in APAC: The growing number of MSMEs in APAC is making it the fastest growing region in the global market. The market in APAC is also being driven by the adoption of aggressive promotional strategies by local and regional vendors. Moreover, the scope of mobile card readers is expected to increase in India due to the recent demonetization move by the Indian government.
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The top vendors operating in the global mobile card reader market are:
- Electronic Merchant Systems
- eWAY
- Ezetap
- Ingenico
- JUSP
- LifePay
- Mswipe
- Miura Systems
- PayAnywhere
- payleven
- PayPal
- Square
- SumUp
- Verifone
A more detailed analysis is available in the Technavio report titled, ‘Global Mobile Card Reader Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports
- Global Banking and Financial Smart Cards Market 2016-2020
- Global NFC Transaction Market 2016-2020
- Global Biometrics Market in BFSI Sector 2016-2020
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