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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Scope Of Mobile Card Reader Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Mobile Card Reader Market Overview
Market Drivers –
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.
Market Trends –
Technological innovation is a key trend gaining popularity in the mobile card reader market. Major key players are increasingly focusing on launching innovative products to strengthen their position in the market. For instance, in July 2022, Revolut, a UK-based financial technology company launched Revolut Reader, a compact card reader. The unique features of this card include instant contactless payment options via debit, and credit cards. This card is adapted to other POS systems in place which includes an SDK/API solution. The company aims at ensuring flexibility to larger merchants with POS systems.
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
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Regional Insights –
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
Key Companies –
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. .
Table of Contents
1. Executive Summary
2. Mobile Card Reader Market Report Structure
3. Mobile Card Reader Market Trends And Strategies
4. Mobile Card Reader Market – Macro Economic Scenario
5. Mobile Card Reader Market Size And Growth
…..
27. Mobile Card Reader Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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