Pay card readers are machines provided by banks and merchants for processing payments seamlessly. The penetration of high-speed Internet and push for cashless transactions has pushed for pay card readers among business transactions. The global pay-card reader market report by Market Research Future (MRFR) focuses on rise of cashless payments and prospects of the industry for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market are detailed with focus on competition analysis and regional growth prospects.
The global Pay-Card Reader Market is expected to expand at 43.63% CAGR over the forecast period. This is attributed to the use of payment cards and high penetration of the Internet. Increasing use of mobile electronic payments and popularity of pay card readers can bode well for the market. Adoption of card readers by small and large merchants for faster transactions has facilitated pay-card reader market growth. Low operating costs and easy-to-use interface are benefits of pay card readers being used in attracting merchants.
The COVID-19 pandemic has pushed the need for contactless payments globally. Focus on lowering the infection rates and preferences of touchless point-of-sale (POS) terminals at major stores have bided well for the pay-card reader market. Adherence to COVID-19 guidelines and use of card readers to protect customers can propel market demand. Moreover, card readers minimize human contact and play a large role in preventing infections. NFC card readers are likely to gain more steam in the coming years owing to this.
But security concerns pertaining to migration of data from card reader to smartphones can restrain pay-card reader market growth.
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PayPal Inc., Intuit Inc., Square, Inc., First Data Corporation, Gemalto NV, CPI Card Group Inc., Payanywhere LLC, Mahindra Comviva, and Infineon Technologies AG are key players of the global pay-card reader market. Expansions of offerings and partnerships with multinational corporations are likely strategies of these players to gain the leverage in the market.
By technology, the pay-card reader market is segmented into QR code, near-field communication technology, and Europay Mastercard Visa (EMV) chip. The EMV chip technology segment can dominate the market over the forecast period owing to being an accepted standard in debit and credit card transactions. On the other hand, the near-field communication technology segment is expected to be the fastest-growing owing to its integration by digital and mobile wallets. Its ability to assure encryption of customer data and prevent fraud can fare well for segment revenues in the pay-card reader market.
By application, the pay-card reader market is segmented into consumer utility services, retail, hospitality, healthcare, entertainment, and transportation. The retail application is projected to lead the market owing to preference by merchants their shops for processing transactions rapidly. On the other hand, consumer utility services are likely to adopt the latest method to provide convenience to customers.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global pay-card reader market.
North America can lead in the market with a 38% share due to penetration of tablets and mobile phones. This is attributed to acceptance of prominent payment merchants on card readers as well as Android and Apple based devices. Strict laws against fraudulent practices of card transactions can drive the market penetration rate in the region.
Europe has assumed the second position in the market owing to deference to plastic cards and rise of contactless payments. The use of chip and PIN method for transacting is likely to bolster the pay-card reader market.
APAC is likely to display a strong growth rate over the forecast period. This is attributed to presence of reputed semiconductor companies and shift towards cashless payments. Customer eagerness and increased usage of digital channels for processing of payments can aid the pay-card reader market growth. Supportive government initiatives can facilitate market growth in the coming years.
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