Global Mobile Card Reader Market 2017-2021
About Mobile Card Reader
A mobile card reader is a device capable of reading credit and debit cards with magnetic stripes, chip and PIN, or NFC technologies. A mobile card reader has a 3.5 mm pin that is used to connect it to a mobile device through an audio jack. Some mobile card readers can also connect wirelessly using Bluetooth or NFC technologies.
Technavio’s analysts forecast the global mobile card reader market to grow at a CAGR of 53.94% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mobile card reader market for 2017-2021. To calculate the market size, the report considers the revenue generated from mobile card reader shipments, transaction fees, and other charges such as monthly fees charged by vendors.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mobile Card Reader Market 2017-2021
Technavio recognizes the following companies as the key players in the global mobile card reader market: Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is adoption of contactless payment systems. Contactless payment ensures consumers a fast, convenient, and secure way to pay, allowing merchants to improve the in-store payment experience by reducing the counter queues while also, offering a host of loyalty opportunities. It also reduces the use of cash significantly, as seen in a number of early adopting countries. In addition, contactless payment paves the way to multi-application as the same device can also be used for transit or access control.”
According to the report, one of the major drivers for this market is growing number of MSMEs offer a large scalable customer base. The complex banking procedures and the high transaction fees have been the biggest let down for MSMEs looking to adopt card-based transaction. The advent of mobile card readers has simplified the process altogether, with the role of banks being reduced significantly. Strategies implemented by market vendors ensures that they charge only around 2%-3% of the transactional value, from which a share is given to the banks. In addition, these devices are a much cheaper alternative to traditional POS terminals, leading to greater acceptance among end-users
Further, the report states that reaching out to potential candidates is a major hindrance for the adoption of mobile card readers in the market. This is because most shopkeepers and MSMEs are still dependent on cash and check-based transaction to carry out their business activities. Even though smartphone penetration is significant on a global scale, the lack of basic infrastructures such as connectivity and mobile networks in regions such as Asia, Africa, and South America have limited the use of these devices altogether.
Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, Verifone.
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