The global payment industry is enormously competitive environment with IC, POS terminal, pay card reader and smart card competing for profitable high capacity business in a market. The pay card reader is a machine that has the potential to read debit and credit cards, either via a magnetic band or chip and pin technology. Pay card readers comprises of a pin that links to a mobile device via audio jack. Some of the pay card readers can also be allied wirelessly either by utilizing NFC technology or bluetooth.
The pay card reader has showcased an upliftment in its growth over the past few years all across the globe and is anticipated to expand at a significant CAGR during the forecast period. It has been noticed that on-going switching to Euro pay, MasterCard and Visa and other chip based standards are escalating the market further with diffusion of smart acceptance devices growing every year. Rising awareness about the technology is likely to bolster the growth of the market from 2016-2022.
Some of the major factors driving the growth of global pay card reader include rising penetration of tablets and smartphones all across the globe. Smartphones market have observed robust growth and is anticipated to escalate at a significant pace over the next few years. Apart from this, the recent transformation from cash and cheque to electronic and mobile payments will expand the growth of global pay card reader market in future.
Apart from this, favorable government policies, rising number of smartphone base as well as large number of micro and small merchants is anticipated to intensify the growth of global pay card reader market during the projected period.
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Global Pay Card Reader market is segmented by: solution type, technology, applications and by region
Pay Card Reader by Solution Type
- Card Reader Accessories
- Integrated Card Reader Solutions
Pay Card Reader by Technology
- EMV Chip And Pin
- Hybrid Technology Solutions
- Magnetic Stripe
- Chip And Sign
- Near Field Communication
- Biometrics
Pay Card Reader by Applications
- Healthcare
- Restaurant
- Retail
- Warehouse/Distribution
- Government and Consumer Utility Services
- Transportation and Entertainment
Pay Card Reader by Region:
- Asia Pacific
- Europe
- North America
- Latin America
- The Middle East & Africa
North America captured the highest share in the global Pay Card Reader market. North American market dominated the global pay card reader over the past few years followed by Europe and Asia-Pacific. Faster adoption of this technology in Asia pacific region especially in Japan, India and China over the next few years due to favorable economic conditions is expected to boost the growth of global pay card reader market during the forecast period.
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Key Players
The major players identified across the value chain of global Pay Card Reader market include :
- Square Inc.,
- PayPal Inc.,
- Infineon Technologies AG,
- CPI Card Group Inc.,
- NXP Semiconductors
The report covers exhaustive analysis on:
- Pay Card Reader Market Segments
- Pay Card Reader Market Dynamics
- Historical Actual Market Size, 2013 – 2015
- Pay Card Reader Market Size & Forecast 2016 to 2022
- Supply & Demand Value Chain
- Pay Card Reader Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Pay Card Reader Market Drivers and Restraints
Regional analysis for Pay Card Reader Market includes
- North America
- Latin America
- Europe
- Asia Pacific & Japan
- The Middle East and Africa
Report Highlights:
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size Recent industry trends
- Key Competition landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance.