Posted By Coherent Market Insights
Posted on October 4, 2021
United States/WA: Global Mobile Card Reader Market Will Boom In Near Future
Report Pages:[130 Pages]
Market Competitive Landscape:-
Major layers operating in the Global Mobile Card Reader Market are: Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone.
Market Overview:
A Global Mobile Card Reader Market is a small device that connects to either a smartphone or tablet to accept payments from credit or debit cards, basically turning the device or mobile into a mobile point of sale (mPOS). The connection is usually by means of a USB connector, or through the use of a Bluetooth wireless technology device.
The primary purpose of the mobile card reader is to facilitate the process of card payments. It simplifies the process of physically entering card information into the computer. These devices enable payment through traditional credit card swipes, chip payments, or contactless payments. Due to the increasing use of contactless payments, demand for mobile card readers has increased during the pandemic (COVID-19).
Key Market Drivers:
An increasing number of smartphone users and a rapidly growing e-commerce sector is expected to propel the growth of the mobile card reader market during the forecast period. According to India Brand Equity Foundation (IBEF), in 2019, India had 502 million smartphone users, accounting for almost 77% of Indians having access to internet. Moreover, India is expected to have 829 million smartphone users by 2022.
Furthermore, increasing integration of contactless payment technologies in mobile phones and smartphones is expected to fuel the growth of the mobile card reader market. For instance, in April 2021, a German startup, Wellet, launched an app that converts smartphones (Android) into a card reader to process payments. This offers SMEs a cost-effective solution for cashless payments, since expensive POS card readers will no longer be necessary.
COVID-19 Impact Analysis:
Contactless payments have emerged as an effective way for businesses across the world to drive forward in times of COVID-19. Many small, medium, and large sized businesses have started processing payments using a new method since the outbreak of COVID-19. Moreover, banks and retailers are responding to COVID-19 fears by raising the limits on their contactless card transactions. Consumers worldwide have switched to contactless payments, accelerating the shift from cash to digital options. Thus, contactless payments are becoming more preferred payment method worldwide. This in turn is expected to boost the market growth.
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Key Takeaways:
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The mobile card reader market is expected to exhibit a CAGR of XX % during the forecast period owing to the increasing demand for contactless payment solutions or consumer shift to contactless payments. For instance, in July 2021, QuickBooks announced the launch of QuickBooks Card Reader, a portable and contactless payment solution, to enhance mobile payments offering for small businesses.
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Among regions, North America and Asia Pacific are expected to witness strong growth in the mobile card reader market, owing to the increasing number of smartphone users and the rapid growth of the e-commerce industry. According to Pew Research Center, majority of Americans, around 85% of US population, now own a smartphone. Moreover, according to IBEF, the Indian e-commerce market is expected to reach US$ 111.40 billion by 2025, from US$ 46.2 billion as of 2020.
The Outbreak of COVID-19 to Augment Growth of the Mobile Card Reader Market
Global Mobile Card Reader Market, by Technology (Magnetic Stripe, Chip and PIN, and Near Field Communication) by End User (Micro and small Enterprises, Medium Enterprises, Large Enterprises, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
The global mobile card reader market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period (XXX-XXX), as highlighted in a new report published by Coherent Market Insights.
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