Market Highlights
Market Research Future (MRFR), in its newly published research report, asserts that the global pay-
card reader market is booming is expected to a substantial market valuation from USD 5.8 billion in
2016 to USD 73.06 billion by 2023, and a healthy 43.63% CAGR in the review period.
Drivers and Restraints
Several of the main factors behind global pay card reader growth include increasing tablet and
mobile adoption across the globe. The demand for smartphones has seen rapid growth and is
expected to intensify at a substantial rate in the coming years. In addition, the latest transition from
cash and cheque to electronic and mobile payments will boost the potential development of the
global market for pay card readers. Besides this, supportive policy policies, increasing mobile base
numbers as well as growing numbers of micro and small retailers are expected to accelerate the
growth of the global pay card reader industry over the forecast timeframe. Technology is serving a
vital role in the contactless payment transaction. There is various technology Used to connect a
mobile pay card reader system or other handheld devices such as near-field communications
technology, Bluetooth, chip and sign, biometrics, magnetic strip and QR code. The aforementioned
platform has its significant features and is commonly used in the mobile payment process. Smart
card transfers, automatic teller machines, and payment terminals are made using EMV technology.
Previously known as EMV smart cards and consist of a magnetic strip that stores their information
on integrated circuits. Popular payment solutions such as Apple Pay and Android Pay Using near-
field networking systems to enhance health. QR computer development has not yet been released
but it is expected to be unveiled by technologists soon. Mobile POS comprises iphones, laptops, or
other cellular system that functions in the same way as any mobile PoS terminal. The customer
must download a smartphone app to access this program, and connect the computer to a card
reader to make transactions.
Segmentation:
The pay card reader market is segmented by technology and application. By technology, the market
is sub-segmented into Europay MasterCard Visa (EMV) Chip, near field communication technology
and QR codes. By application, the market is segmented into healthcare, hospitality, retail,
entertainment, transportation, and consumer utility services.
Regional Overview
The geographical analysis of the global pay card reader market share has been analyzed in four
major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East,
and Africa.
The pay card reader market in North America is poised to witness significant growth and account
the largest market share over the assessment period. U.S and Canada are anticipated to fuel the
growth of the North American Pay Card Reader market owing to the presence of a large number of
established key players. North America also has a well-established infrastructure, which enables
higher penetration of devices and ultimately provides enhanced connectivity. Other factors such as
the high contentration of major technology giants, the high disposable income of consumers, and
the top rate of cybercrimes taking place.