New York, United States , June 12, 2023 (GLOBE NEWSWIRE) -- The Global Mobile Card Reader Market Size is to grow from USD 11.08 billion in 2022 to USD 60.50 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period.
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A mobile card reader is a compact and portable device that enables businesses to accept payments through credit or debit cards using a smartphone or tablet. It connects to the mobile device via a wired or wireless connection, allowing merchants to process transactions on the go. Mobile card readers are typically equipped with a card slot or an NFC (Near Field Communication) reader to securely read card information. They provide convenience and flexibility for businesses, enabling them to accept payments anywhere, anytime, and enhance customer experience by offering multiple payment options. These devices are commonly used by small businesses, entrepreneurs, and individuals who require mobile payment capabilities.
Browse key industry insights spread across 215 pages with 125 market data tables and figures & charts from the report on "Global Mobile Card Reader Market Size, Share, and COVID-19 Impact Analysis, By Solution (Hardware and Software), By Deployment (On-premise and Cloud), By Technology (Chip & pin, Magnetic stripe, and Near Field Communication), By Application (Entertainment, Retail, Healthcare, Hospitality, Restaurants, Warehouse, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 " Get Detailed Report Description Here:
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The hardware segment is expected to grow at a CAGR of 18.7% during the forecast period.
Based on solution type, the global mobile card reader market is segmented into hardware and software. The hardware segment of the mobile card reader market is expected to witness significant growth. This growth can be attributed to the increasing demand for mobile card reader devices as more businesses and individuals adopt cashless payment solutions. The hardware segment includes card readers, terminals, and other physical devices required for accepting card payments. The advancements in technology, improved security features, and the need for reliable and efficient payment processing contribute to the anticipated growth in the hardware segment of the mobile card reader market.
The magnetic stripe anticipated to grow at a CAGR of around 19.3% over the forecast period.
Based on technology, the global mobile card reader market is segmented into chip & pin, magnetic stripe, and near-field communication. The magnetic stripe segment is expected to witness growth in the mobile card reader market. This growth can be attributed to several factors. While newer technologies like EMV chips and contactless payments gain popularity, there is still a significant number of payment cards with magnetic stripes in circulation. This drives the demand for mobile card readers that support magnetic stripe card reading. Additionally, magnetic stripe technology is cost-effective and widely compatible, making it a preferred option for businesses that cater to a diverse range of customers with different types of payment cards.
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Europe is predicted to grow at a higher CAGR of around 20.4% over the projected period.
Based on region, Europe is projected to experience rapid growth in the mobile card reader market. Several factors contribute to this prediction. Europe has a mature and well-developed financial infrastructure, with a high penetration of digital payment systems. The region's large population and high percentage of smartphone users provide a substantial customer base for mobile card reader adoption. Moreover, regulatory initiatives such as the Revised Payment Services Directive (PSD2) have promoted open banking and encouraged competition in the payment industry, fostering innovation and driving the demand for mobile payment solutions. Additionally, the growing trend of contactless payments and the increasing preference for convenient, on-the-go transactions further fuel the growth potential for mobile card readers in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global mobile card reader market include Electronic Merchant Systems Inc., Ezetap Mobile Solutions Private Limited, Ingenico Group, LifePay ZAO, Mswipe Technologies Pvt. Ltd., Miura Systems Limited, PayAnywhere LLC, Payleven Holding GmbH, PayPal Holdings Inc., Square, SumUp, Verifone Inc., eWAY, Stripe Inc., Advanced Card Systems Ltd, Revolut and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global mobile card reader market based on the below-mentioned segments:
Mobile Card Reader Market, By Solution
- Hardware
- Software
Mobile Card Reader Market, By Deployment
- On-premise
- Cloud
Mobile Card Reader Market, By Technology
- Chip and pin
- Magnetic stripe
- Near Field Communication
Mobile Card Reader Market, By Application
- Entertainment
- Retail
- Healthcare
- Hospitality
- Restaurants
- Warehouse
- Others
Mobile Card Reader Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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