Pay Card Reader Market 2019 Global Industry Share, Size, Key Players, Trends, Competitive And Regional Forecast To 2023

The report on the global Pay Card Reader market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, key player's market share analysis, competitive landscape and supply chain analysis.

Pune, India - February 18, 2019 /MarketersMedia/ —

Market Highlights:

A pay card reader can be defined as a device used to read credit cards and debit cards through a magnetic band and pin technology. The device is connected to the mobile phone through an audio jack or via NFC or Bluetooth technology. Government across the globe is striving to improve the mobile and internet infrastructure, and the demand to revolutionize contactless payment system is one of the significant reason boosting the pay card reader market. The increase in number of micro, small and medium sized enterprises is fuelling the mobile payment market. The complexities associated with bank procedures and high transaction fees has led to shutdown of many micro, small and large businesses and are looking forward to implement card based transaction. Further the pay card reader market is segmented on the basis of technology and application.

Technology is playing a vital role in contactless payment transaction. There are numerous technology that is used to connect the pay card reader device with the smartphone or other portable devices such as near field communication technology, Bluetooth, chip and sign, biometrics, magnetic strip and QR code. The technology listed above has their own significant characteristics and is widely used in mobile based payment procedure.

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Major Key Players

• Square, Inc.,
• Paypal Inc,
• Intuit Inc. (U.S.),
• PayAnywhere LLC (U.S.),
• Paynear ONE Solutions (India),
• First Data Corporation (U.S.),
• CPI Card Group Inc. (U.S.),
• Infineon Technologies Ag (Germany),
• Gemalto (Netherlands),
• Mahindra Comviva (India)

According to MRFR, The global Pay Card Reader market is projected to reach USD 73 billion at a CAGR of over 44% by the end of the forecast period 2016-2022.

Key Findings:
By Technology: Magnetic Strip is dominating the market of pay card reader by technology and has reached USD 1,936.81 Million in the year 2017 and Near Field Communication is expected to grow at a fastest CAGR of 44.36%.
By Application: Retail is dominating the market of pay card reader by application and has reached USD 2,763.16 Million in the year 2017. And is also is the fastest growing at a 43.89% CAGR.

Regional Analysis:

The global Pay Card Reader market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the pay card reader market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the North American Pay Card Reader market owing to the presence of large number of established key players. North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. Other factors such as the presence of major technology players, high disposable income of people and high rate of cybercrimes taking place.

Segmentation

By technology segment, Chip and sign technology is defined as a card payment technology through which customers pay for goods where customers can insert their embedded credit or debit cards into a card reader and sign at the terminal to proceed for transaction. Chip and sign technology is one of the most secure form of payment technology and provides strong security layer as compare to magnetic strip and more difficult to hack illegally. The cards comprise of chip and sign technology require users to sign on the paper or slip of paper to authenticate the transaction. There are some cards that comprise of both the technology such as chip and signature and chip and pin. The chip and sign technology comprise of dynamic security and authentication features that includes fraud protection, widely accepted by all EMV terminals, consists of magnetic strip at the back and compliance with the mandate. However, its biggest drawback is that it is more vulnerable to theft and counterfeiting. As any individual can copy a signature without being prompted for verification.

The global 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.

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Intended Audience:

• Research & Consultancy Firms
• Technology Providers
• Software Providers
• Government
• Banking & Finance Institutes

List of Figures
FIGURE 1 MRFR Research Process
FIGURE 2 Forecast Model
FIGURE 3 Global pay card reader MARKET: drivers & Challenges
FIGURE 4 Global pay card reader market supply Chain
FIGURE 5 Global pay card reader MARKET: Porter’s Five Forces Analysis
FIGURE 6 Global pay card reader Market: Porter’s Five Forces Analysis
Continued……

List of Tables
TABLE 1 Global pay card reader Market, By technology, 2016-2022 (USD Million)
TABLE 2 Global pay card reader Market of europay mastercard visa (emv) chip by Region, 2016-2022
TABLE 3 Global pay card reader Market of near field communication technology by region, 2016-2022
TABLE 4 Global pay card reader market of chip & sign by Region, 2016-2022 | (USD Million)
TABLE 5 Global pay card reader market of biometrics Segment by region, 2016-2022 (USD Million)
Continued……

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Contact Info:
Name: abhishek Sawant
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/pay-card-reader-market-5239

Source URL: https://marketersmedia.com/pay-card-reader-market-2019-global-industry-share-size-key-players-trends-competitive-and-regional-forecast-to-2023/483390

Source: MarketersMedia

Release ID: 483390