The global mobile card reader market is estimated to grow at a CAGR of over 13% during the forecast period. A mobile card reader is a data input device that reads data from a card-shaped storage medium. These electronic devices read plastic cards embedded with either a barcode, magnetic strip, computer chip or another storage medium. Owing to the increased adoption of cashless payment methods and digitalization, the market size is expected to expand during the forecast period. Increased numbers of peoples are gaining confidence in making digital payments owing to the increase in the awareness about its safety and security. Additionally, the convenience in making an online payment is aiding mobile card readers in gaining popularity. These provide better and secured payment options over conventional cash transactions; thus, these factors are projected to boost the mobile card reader market during the forecast period.
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The global mobile card reader is geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is expected to grow at a significant rate in the market. This is attributed to the increased adoption of applications of the IoT, big data and AI that aids in developing products and finding new business opportunities that further contribute to the growth of the market.
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As per the government’s ’Cashless Vision’ report, the cashless payment ratio was 20% in 2016 which aims to increase to 40% by 2025. For this, the government has rolled out a nine-month points program in October 2019 to encourage small retailers to accept digital payment. Shoppers will get 5% of the purchase on performing digital transactions from small and medium-sized stores and 2% from major chains. As per the Economy, Trade and Industry Ministry of Japan, more than 577,000 stores had applied for participating in the government’s reward point program. Due to this, the digital wallet market is expected to increase, which in turn, positively affects the overall market growth.
Global Mobile Card Reader Market Segmentation
By Technology
• Chip and PIN
• Magnetic stripe
• Near Field Communication (NFC)
By Application
• Entertainment
• Retail
• Healthcare
• Hospitality
• Others
Regional Analysis
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• Rest of Asia-Pacific
Rest of the World
Company Profiles
• Clover Network, Inc.
• Electronic Merchant Systems
• Ezetap Mobile Solutions Pvt. Ltd.
• First Data Corp.
• Fidelity National Information Services, Inc
• Ingenico Group
• mSwipe
• PayAnywhere
• PaypalHoldings Inc.
• Square Inc.
• SumUp Inc.
• Tappr
• Total System Services Inc.
• VeriFone Holdings, Inc.
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