A pay card reader can be defined as a device used to read credit cards and debit cards through a magnetic band and pin technology. The device is connected to the mobile phone through an audio jack or via NFC or Bluetooth technology. Government across the globe is striving to improve the mobile and internet infrastructure, and the demand to revolutionize contactless payment system is one of the significant reasons boosting the pay card reader market. The increase in number of micro, small and medium sized enterprises is fuelling the mobile payment market. The complexities associated with bank procedures and high transaction fees has led to shutdown of many micro, small and large businesses and are looking forward to implement card based transaction. Further the pay card reader market is segmented on the basis of technology and application.
The study indicates that accepting credit or debit card and other electronic payment can make a substantial difference in medical and dental practices. The payment data security is very important in healthcare industry. The healthcare industry is facing numerous challenges such as insurance reimbursement, increase in patient responsibility, and the growing presence of data breaches, the healthcare industry is facing several challenges and adversely affect the consumers revenue and reputation.
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Major Key Players
Intuit Inc. (U.S.),
PayAnywhere LLC (U.S.),
Paynear ONE Solutions (India),
First Data Corporation (U.S.),
CPI Card Group Inc. (U.S.),
Infineon Technologies Ag (Germany),
Mahindra Comviva (India) And Others.
According to MRFR, the global Pay Card Reader Market is expected to grow at a CAGR of approximately 44% during the forecast period 2017-2023.
By Technology: Magnetic Strip is dominating the market of pay card reader by technology and has reached USD 1,936.81 Million in the year 2017 and Near Field Communication is expected to grow at a fastest CAGR of 44.36%.
By Application: Retail is dominating the market of pay card reader by application and has reached USD 2,763.16 Million in the year 2017. And is also is the fastest growing at a 43.89% CAGR.
The global Pay Card Reader market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the pay card reader market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the North American Pay Card Reader market owing to the presence of large number of established key players. North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. Other factors such as the presence of major technology players, high disposable income of people and high rate of cybercrimes taking place.
The global pay card reader market is segmented by technology and application. By technology the market is sub-segmented into Europay MasterCard Visa (EMV) Chip, near field communication technology and QR codes. By application the market is segmented into healthcare, hospitality, retail, entertainment, transportation and consumer utility services.
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