The global Mobile Card Reader Market is estimated to be valued at US$11.52Bn 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:
Mobile card readers provide businesses with a convenient and secure way to accept payments through contactless technology or chip cards. They allows merchants to accept all major credit, debit, and EMV chip cards directly from a smartphone or tablet without additional hardware. This improves the checkout experience for customers and boost sales for businesses.
Market key trends:
One of the key trends in the mobile card reader market is the increasing adoption of contactless payments. Contactless payment allows customers to tap or hold their contactless cards or mobile devices near a POS system to complete transactions securely and quickly. This provides a more convenient and seamless payment experience compared to the traditional ‘swipe and sign’ method. Rising consumer preference for quick and hassle-free transactions is driving the adoption of contactless payments worldwide. Furthermore, industry players are focused on enhancing security and functionality of their mobile card reader solutions to gain more customers in this growing market.
Market Key Trends:
The mobile card reader market has been witnessing significant growth driven by the increasing adoption of digital payments amid the COVID-19 pandemic. Contactless payments saw a major uptake during this time as consumers preferred digital modes of payments over cash transactions to maintain social distancing. Card readers that can be used via smartphones allow merchants to process payments anywhere, driving flexibility. Advances in technology are also enhancing card reader functionality with features such as analytics and inventory management.
SWOT Analysis
Strengths: Contactless and digital payment options provide enhanced convenience and safety. Mobile card readers offer flexibility allowing merchants to process payments anywhere.
Weaknesses: Setting up mobile card readers require additional costs and technical knowledge. Data security and privacy continue to be major concerns for card payments.
Opportunities: Growth in m-commerce and e-commerce sectors are raising demand for digital payment options. Increasing uptake of advanced technologies such as 5G and blockchain can further expandfunctionalities.
Threats: Stiff competition from digital wallets and other alternative payment methods. Vulnerability to cyber threatsand data breaches. Rising customer preference for privacy can hamper adoption.
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 preference for contactless payment amid the COVID-19 pandemic. The market size for mobile card readers was valued at US$ 11.52 billion in 2023.
Regionally, North America dominated the mobile card reader market and is expected to maintain its leading position during the forecast period. This can be attributed to high adoption of digital payment services in the region driven by tech-savvy consumer behavior and supportive regulatory environment for fintech sector.
Key players operating in the mobile card reader market include Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone. Industry leaders are focusing on enhancing security and functionality of their offerings. For instance, in June 2017, Barclays announced launch of new readers and improved visibility debit card to increasingly cater to disabled and older customers.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.