Mobile Card Reader Market

Mobile Card Reader Market - Global
Industry Insights, Trends, Outlook,
2017–2025
U.S. held the largest mobile card reader market share in 2016
U.S. is expected to continue its industry share dominance over the next few years
primarily owing to the government initiatives and increased consumer inclinations
towards secure card transaction technologies. U.S. government agencies had begun
the shift to the PIN EMV and chip payment standards in January 2015, as per the
mandating by presidential executive order. Asia Pacific is expected to witness highest
growth rates over the forecast period owing to the growing digitization and the
increasing number of transactions through smart devices. In India, Digital India
campaign (in July 2015) and Indian banknote demonetization (in November 2016) by
the government had led to significant increase in demands for e-transaction. Such
initiatives will also provide considerable growth opportunities for card readers over the
next few years.
Ability to accept plastic money on the go is the prominent trend that will drive the
industry growth
Large number of micro, small and medium enterprises are emerging across the globe,
specifically in the emerging economies. According to the Asia Pacific Economic
Cooperation, around 97% of the enterprises in the APEC regions were small and
medium enterprises, as in December 2013. Moreover, most of the small businesses that
include startups, restaurants, and freelancers among many others, are increasingly
driven towards these solutions owing to consumer tendency of making the payment
through cards. ‘Cash only’ sign boards have become the most demotivating factor for
consumers. This trending digitization of cash transactions through the use of plastic
money is expected to prominently drive the demands for mobile card reader market
through the forecast period.
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Growing ecommerce transactions will present strong growth prospects
Growth in penetration and adoption smartphones and other portable devices has led to
considerable paradigm shift from website based revenue models to mobile app based
models. According to Coherent Market Insights analysis, around 60% of the consumers
utilize these portable devices for shopping and accessing other forms of on demand
services, and also complete transaction through these devices. Considerable growth in
revenue generation for ecommerce businesses through advent of consumer friendly
payment methods is projected to drive the demands for mobile card reader market.
Chief e-commerce industry participants in India that include Flipkart and Amazon
among many others have already started accepting payment through these channels.
Growing concerns relating to security breach and loss of personal information is
expected to hinder the industry growth
Increasing number of fraudulent activities and security breaches over the past few years
has led to major concerns for people’s personal information and credentials security.
Moreover, the technology is in its nascent adoption stage and the consumer confidence
for adoption of the technology is relatively low in comparison to other payment means.
Inadvertently, presence of large number of cash based economies that includes Mexico,
India, Indonesia, Pakistan, Nigeria, Ethiopia and Egypt among many others, will also
present considerable growth challenge over the next few years.
Chief global players 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 is expected to
witness large number of strategic initiatives to enhance the security and functionality of
their offerings. For instance, Barclays introduced new readers and improved visibility
debit card to increasingly cater the disabled and old customers.
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Mobile Card Reader Market Taxonomy
On the basis of technology, the global mobile card reader market is classified into:
● Magnetic stripe
● Chip and PIN
● Near field communication
On the basis of end users, the global mobile card reader market is classified into:
● Micro and small enterprises
● Medium enterprises
● Large enterprises
● Others
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