Pay Card Reader Market: By Technology (Europay MasterCard Visa (EMV) Chip, near field communication technology, QR codes), By Application (Healthcare, Hospitality, Retail, Entertainment, Transportation and Consumer Utility Services) – Global Forecast till 2022
A pay card reader is a kind of device that is mainly utilized for reading debit cards and credit cards through a pin technology and magnetic band. The pay card reader device is generally connected to the smartphones through an audio jack or also through Bluetooth or NFC technology. Government over the globe is endeavoring to enhance the mobile and web framework, and the interest to alter the contactless payment system is one of the noteworthy reason augmenting the pay card reader market. The expansion in the number of small scales, medium-sized and large ventures is boosting the mobile payment market. The complexities related to bank systems and high exchange charges has prompted the shutdown of numerous small, medium and large organizations and are anticipating implement the card based exchange or transactions. The global pay card reader market is expected to grow at a CAGR of 44% during the forecast period (2017-2023).
Technology plays an essential role in a contactless payment transaction. Various technologies are used for connecting the pay card reader device along with the smartphone or any other portable devices including Bluetooth, near field communication technology, chip and sign, magnetic strip, biometrics, and QR code. All these technologies mentioned above has its own particular characteristics and is used widely in the different mobile-based payment procedure. EMV technology is one of the most secured technologies that is used for automated teller machines, smart card payments, and at other payment terminals. The EMV cards are also called smart card consisting of a magnetic strip which holds the data on the integrated circuits.
The global pay card reader market is bifurcated on the basis of its application and technology. Based on its technology the market is divided into near field communication technology, Europay MasterCard Visa (EMV) Chip, and QR codes. On the basis of its application the global pay card reader market is segmented into hospitality, healthcare, retail, transportation, entertainment, consumer utility services among others.
Geographically, the global pay card reader market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Some of the major players in the global pay card reader market include names like Square, Inc., Intuit Inc. (U.S.), Paypal Inc, PayAnywhere LLC (U.S.), First Data Corporation (U.S.), Paynear ONE Solutions (India), CPI Card Group Inc. (U.S.), Gemalto (Netherlands), Mahindra Comviva (India), Infineon Technologies Ag (Germany), among others.
Table of Contents:
1 Market Introduction
2 Research Methodologies
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Size Estimation
3 Market Dynamics
3.1 Market Drivers
3.1.1 Rising Penetration of Tablets and Smartphones Across Globe
3.1.2 Increasing Use of Electronic Mobile Payment
3.1.3 Transformation in the Payment Mode from Cash and Cheque to Electronic Mobile Payments
3.1.4 Rising Popularity of Pay Card Reader Device Is Fuelling the Market
3.2 Market Restraints
3.2.1 Magnetic Strip Card Suffer From a Number of Security Challenges
3.2.2 The information transferred from the pay card reader to mobile device goes unencrypted
3.3 Market Opportunity
3.3.1 Mass Transition from Magnetic Strip Technology to Micro-Controller Smart Cards
4 Executive Summary
5 Market Factor Analysis
5.1 Pay Card Reader Market Supply Chain
5.2 Porter’s Five Forces Analysis
6 Global Pay Card Reader Market, By Technology
6.1.2 Europay MasterCard Visa (EMV) Chip
6.1.3 Near Field Communication Technology
22.214.171.124 Chip & Sign
126.96.36.199 Magnetic Strip
6.1.4 QR Codes
7 Global Pay Card Reader Market, By Application
7.1.6 Consumer Utility Services
8 Global Pay Card Reader Market, By Region
8.1.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
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