the most demotivating factor for consumers. This trending digitization of cash transactions
through the use of plastic money is expected to prominently drive the demands for mobile card
reader market through the forecast period.
Growing ecommerce transactions will present strong growth prospects
Growth in penetration and adoption smartphones and other portable devices has led to
considerable paradigm shift from website based revenue models to mobile app based models.
According to Coherent Market Insights analysis, around 60% of the consumers utilize these
portable devices for shopping and accessing other forms of on demand services, and also
complete transaction through these devices. Considerable growth in revenue generation for
ecommerce businesses through advent of consumer friendly payment methods is projected to
drive the demands for mobile card reader market. Chief e-commerce industry participants in
India that include Flipkart and Amazon among many others have already started accepting
payment through these channels.
Growing concerns relating to security breach and loss of personal information is
expected to hinder the industry growth
Increasing number of fraudulent activities and security breaches over the past few years has led
to major concerns for people’s personal information and credentials security. Moreover, the
technology is in its nascent adoption stage and the consumer confidence for adoption of the
technology is relatively low in comparison to other payment means. Inadvertently, presence of
large number of cash based economies that includes Mexico, India, Indonesia, Pakistan, Nigeria,
Ethiopia and Egypt among many others, will also present considerable growth challenge over the
next
few
years.
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U.S. held the largest mobile card reader market share in 2016
U.S. is expected to continue its industry share dominance over the next few years primarily
owing to the government initiatives and increased consumer inclinations towards secure card
transaction technologies. U.S. government agencies had begun the shift to the PIN EMV and chip
payment standards in January 2015, as per the mandating by presidential executive order. Asia
Pacific is expected to witness highest growth rates over the forecast period owing to the growing
digitization and the increasing number of transactions through smart devices. In India, Digital
India campaign (in July 2015) and Indian banknote demonetization (in November 2016) by the
government had led to significant increase in demands for e-transaction. Such initiatives will also
provide considerable growth opportunities for card readers over the next few years.