Overview and Scope
A mobile card reader is a tiny device that may be connected to a phone or tablet to collect payment using the cardholder’s credit card. Card swipe, chip card, and contactless payment transactions are all made feasible by the device’s versatility. These are used to speed up and simplify the payment procedure.
Sizing and Forecast
The mobile card reader market size has grown exponentially in recent years. It will grow from $12.47 billion in 2023 to $15.07 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to e-commerce growth, rise in mobile payments, small business adoption, regulatory support for card security, increased consumer expectations, emergence of contactless payments..
The mobile card reader market size is expected to see exponential growth in the next few years. It will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to mobile wallet integration, rise in micro-merchant and sme adoption, focus on security features, global expansion of cashless payments, integration of value-added services.. Major trends in the forecast period include enhanced user experience, expanded compatibility, subscription-based models, integration with point-of-sale (pos) systems, enhanced data analytics..
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Segmentation & Regional Insights
The mobile card reader market covered in this report is segmented –
1) By Solution: Hardware, Software
2) By Technology: Chip And Pin, Magnetic Stripe, Near Field Communication (NFC)
3) By Deployment: On-Premises, Cloud
4) By Application: Entertainment, Retail, Healthcare, Hospitality, Restaurants, Warehouse, Other Applications
North America was the largest region in the mobile card reader market in 2023. The regions covered in the mobile card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of smartphones for digital payments is expected to propel the growth of the mobile card reader market going forward. A smartphone refers to a mobile phone that connects to the internet and features software similar to that on a laptop. Digital payments refer to transactions that happen online or through digital channels without a physical exchange of money, this implies that both the payer and the payee exchange money via electronic means. The integration of physical card characteristics with smartphone functions is moving the future of card payments ahead, as a result, it will drive demand for mobile card readers in retail settings for shopping experiences. For instance, in April 2022, according to FIS global, a US-based IT service management company, mobile wallet usage increased by over 21% YoY in 2021, reaching 28.6% of all POS transactions globally, or more than US$13.3 trillion. Therefore, the rising adoption of smartphones for digital payments is driving the demand for the mobile card reader market.
Key Industry Players
Major companies operating in the mobile card reader market report are Electronic Merchant Systems Inc., Ezetap Mobile Solutions Private Limited, Ingenico Group, LifePay ZAO, Mswipe Technologies Pvt. Ltd., Miura Systems Limited, PayAnywhere LLC, Payleven Holding GmbH, PayPal Holdings Inc., Block Inc., Clover Go, Dorma India Pvt. Ltd., Shopify, Hid Global India Pvt. Ltd., Western Digital Technologies Inc., Intuit Real Estate Solutions, Shopify Inc., PayPal Holdings Inc., Zettle by PayPal, PaySimple Inc., CardFlight Inc., Clover Network Inc., Ehopper Services Inc., Poynt Co., First Data Corporation, Worldpay Inc., Adyen N.V. provides payment solutions, Global Payments Inc., Elavon Inc., Total System Services Inc. .
The mobile card reader market report table of contents includes:
1. Executive Summary
2. Mobile Card Reader Market Characteristics
3. Mobile Card Reader Market Trends And Strategies
4. Mobile Card Reader Market – Macro Economic Scenario
5. Global Mobile Card Reader Market Size and Growth
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31. Global Mobile Card Reader Market Competitive Benchmarking
32. Global Mobile Card Reader Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Mobile Card Reader Market
34. Mobile Card Reader Market Future Outlook and Potential Analysis
35. Appendix
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