Pay-Card Reader Market Insights
The global pay-card reader market is growing steadily, mainly due to the rise in card payments. Besides, the demand for advanced card-reading solutions and their adoption in many small-scale businesses is a key driving force. Small to medium-sized enterprises are increasingly incorporating efficient payment solutions to respond to new challenges and ease their way to digitization.
With continual technological upgrades and growing digitization in businesses, there is a growing need to secure payment solutions incorporated into every business. Market Research Future (MRFR) confirms that the pay-card reader market value is poised to escalate from USD 55.1 Billion in 2022 to USD 78.42 Billion by 2032, with a 4%CAGR during the review period (2023-2032).
The adoption of pay card reading solutions in many small businesses across industries is increasing rapidly. Many enterprises focus on adding contactless purchase and payment options. Utility bill payments & recharges, pharmacies, and grocery stores are adopting pay-card reader solutions. Besides, the increasing focus on driving business growth by automating their payment processes boosts the pay-card reader market size.
Also, there is a constant rise in consumer preference for card payments. The demand for user-friendly payment solutions and purchasers is rising continually. Changing business needs cost-efficient payment solutions and services to stay active in the market and offer significant opportunities. Technology providers strive to improve the functionality of their pay-card reader line through product upgrades and integrations.
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Leading pay-card reader market players are
Pay-Card Reader Market – Segments
The pay-card reader market report is segmented into solution types, technologies, applications, and regions. The solution type segment is sub-segmented into card reader accessories and integrated solutions. The technology solution segment is sub-segmented into EMV chips & pins, hybrid technology solutions, magnetic stripes, chip & sign, near field communication, biometrics, and others.
The application segment is sub-segmented into healthcare, restaurant, retail, warehouse/distribution, government & consumer utility services, transportation & entertainment, and others. The region segment is bifurcated into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Global Pay-Card Reader Market – Regional Analysis
North America leads the global pay-card reader market. Factors such as the increase in pay-card reader adoption among small businesses and the high inclination of consumers towards card payments contribute to market growth. Besides, the widespread utilization of debit cards, credit cards, and m-commerce influences the region’s pay-card reader market shares.
Pay-Card Reader Market – Competitive Analysis
The pay-card reader market witnesses increasing strategic initiatives, such as collaboration, expansion, mergers & acquisitions, and integration of advanced technologies. Industry leaders strategically invest in driving research and development activities and fostering their expansion plans.
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Industry/ Innovation/ Related News:
Aug.09, 2023 — Global fintech SumUp launched point-of-sale cash advances for merchants to help them deal with the growing cost of business. The cash advances are based on merchants’ payment history and are repaid via payment acceptance through SumUp’s card readers. The new cash advance product allows payback through card reader transactions. The company has raised a US$100 MN credit facility to help support the rollout. Merchants will pay a fixed fee for access to the advances instead of spiraling monthly interest.
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