The global Mobile Card Reader Market is estimated to be valued at US$11.52 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The mobile card reader market consists of hardware devices that read credit and debit card information to facilitate digital payments. These readers allow merchants to process payments securely on mobile devices without requiring additional hardware. With rising adoption of digital payments globally, demand for mobile card readers is growing significantly.
Market key trends:
One of the key trends in the mobile card reader market is the rising adoption of contactless payments. Contactless payments allow users to tap their cards or mobile wallets against payment terminals to complete transactions quickly. This eliminates the need to insert or swipe cards. Leading card issuers and POS companies are actively promoting contactless payments due to their convenience. Additionally, growing embrace of digital wallets is also fueling demand. Major tech giants are launching their own digital wallets like Apple Pay and Google Pay and partnering with banks and merchants to encourage their usage. Expanding e-commerce industry worldwide along with rising internet and smartphone penetration will continue driving the need for mobile payment solutions and associated card readers.
Segment Analysis
The global mobile card reader market is fragmented with presence of various segments. Contact-based mobile card reader segment dominates the market and accounts for around 65% share. Contact-based mobile card readers are widely accepted globally due to their reliability and ease of use. These readers use magnetic stripe technology to read cards and transfer information, thus witnessing higher demand from small and medium sized businesses.
Key Takeaways
The global mobile card reader market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing need for contactless and secure digital payment transactions.
Regional analysis
Asia Pacific dominates the mobile card reader market and is expected to grow at fastest rate during forecast period. Rapid adoption of digital payment modes in countries like China and India will drive the regional market. North America stands as second largest market owing to strong infrastructure and supportive policies for digital payments in the US and Canada.
Key players
Key players operating in the mobile card reader market are Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone. Industry is expected to witness large number of strategic initiatives to enhance the security and functionality of their offerings. For instance, in June 2017, Barclays announced a launch of its new readers and improved visibility debit card to increasingly cater the disabled and old customers.