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Pay-Card Reader Market Research Report - Global Forecast Till 2027

Pay-Card Reader Market Research Report: By Technology (Europay MasterCard Visa (EMV) Chip, Near Field Communication Technology (Chip & Sign, Biometrics and Magnetic Strip) and QR Codes), Application (Healthcare, Hospitality, Retail, Entertainment, Transportation and Consumer Utility Services), Region (North America, Europe, Asia-Pacific and rest of the world) - Forecast till 2027

ID: MRFR/SEM/3801-CR | July 2019 | Region: Global | 117 pages

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Pay-Card Reader Market Snapshot


Pay-Card Reader Market is expected to grow from USD 5,860 million in 2016 to USD 73,057.27 million by 2023, at a CAGR of 4% during the forecast period. The Pay-card readers are the reading device that is potentially used for transactions. The digitalization trend in recent years has significantly removed the usage of paper notes and currencies. Moreover, every industrial vertical is integrating the payment methods with the advanced technologies to make efficient usage of them. The potential benefits of the pay-card readers with the varied methods of transaction such as Bluetooth, chip and sign, biometrics, magnetic strips, and contact-less transactions are bolstering the overall growth of the Pay-card reader market. 


 


On the other hand, the strong governmental support for the growth of contactless payment and digital transactions are fuelling the Pay-card reader market growth. Additionally, the potential benefits for the retail stores and fast-moving commercial sectors in maintaining the records on using the pay-card readers are bolstering the overall growth of the Pay-card reader's industry. The increasing growth of e-commerce has led to the higher adoption of cash delivery methods, which is also bolstering the Pay-card Reader market growth.


 


COVID 19 Analysis:


 


The COVID -19 pandemic has created huge disruption for several industrial verticals. Moreover, manufacturing and logistics have been hugely affected throughout the pandemic. On the other hand, the technologies such as contactless payment methods were increasingly adopted by a huge population that would reduce the risk of getting infected during the pandemic. Nowadays, the countries are gradually lifting the movement restriction, however, the demand for contactless technologies is rapidly increasing as a cautious factor. Therefore the demand for NFC technology is expected to gain momentum in the forecast period owing to the government regulations post-pandemic.


 


Market Dynamics:


Market Drivers:


 


The increasing utilization of smart devices such as smartwatches, smartphones, and other hand-held devices is transforming the overall payment mode. Moreover, the banking sectors are offering pay-card readers with minimum processing fees and maintenance fees, such factors are further fuelling the overall growth of the Pay-card reader market.


 


The increasing customer base for the retail shops, commercial sectors, and other end-users, which increasingly demand fast and efficient transaction. Moreover, the efficient utilization of advanced technologies is also helping the overall pay-card reader market growth in recent years.


 


Market Opportunities:


 


The demand for wireless devices and smart devices with the increasing adoption of advanced technologies are impacting the overall growth of the Pay-card reader market. The communication technologies which include, Bluetooth, chip and sign, biometrics, QR code, contactless, magnetic strip technologies are boosting the overall growth of the Pay-card reader market.


 


The advent of EMV technology into the market has increased the Pay-card reader market value in recent years. Since the EMV technologies permit the card owners to enter a second-level protection code which enables strong protection against fraudulent activities. Moreover, the advent of QR codes, contact fewer technologies in the industry are bolstering the Pay-card reader market growth in recent years.


 


Market Restraints:


 


The major restraints of the Pay-card reader market are the risk of others watching you entering the pin during a transaction and the technical problems that might arise during the transaction.


 


The absence of payment card readers in the developing regions and cloning of the payment cards when the pin of the card is easily are not so complex.


 


Market Challenges:


 


Several retail sectors and commercial sectors are intensively utilizing the Electronic Fund Transfer at Point of Sale machines as several private banking sectors are offering the facility. The Mobile card readers are slowly replacing the conventional Electronic Fund Transfer at Point of Sale machines, as those machines are ownership costs are higher. The ownership costs of the EFTPOS machine include transaction fees, merchant fees, monthly rentals, establishment fees, and many others. Such costs are presenting a challenge for implementing the EFTPOS machines.


 


Although the retail sectors and other end-user applications are deploying the mobile card readers, the factors such as platform-specific machines, preventing any manual transaction, bulky fees associated with the transactions are presenting challenges for the overall growth of the Pay-card reader industry.


 


Cumulative Growth Analysis:


 


The pay card readers are input device that receives payment card information for banking purposes. This efficient way of transaction has reduced the hassle for busy shops, malls, and restaurants. The advent of a high-speed internet facility and increasing penetration of mobile electronic payments accompanied with the lower operating costs and easy interface are impacting the overall growth of the Pay-card reader market growth. The market value of the Pay-card reader industry was at USD 5,860 million in 2016 and is expected to surpass the market value of over USD 73,057.27 million by 2023 while registering a CAGR of 4%. The Pay-card readers are integrated with the NFC technology which enables wireless connectivity. The prevalence of digital wallets and mobile wallets is increasingly impacting the Pay-card Reader market demand in recent years.


 


Value Chain Analysis:


 


The advanced technologies in the Pay-card Reader industry which includes, QR Code reader, Near-Field reader, EMV chip technology, and other contact-less readers are boosting the pay-card reader market value owing to the efficient payment, thereby installed in the busy cafes, bars, restaurants, and retail shops. Moreover, the efficient payment methods which come with the security and encryption protocols reduce the risks associated with online transactions and the risk associated with counterfeit banknotes. Other potential benefits such as keeping a record of all the transactions let you analyze your expenditure and rewards easier, as every card transaction is recorded. Therefore for the business sectors which manage a higher amount of sales and records, balancing the books is easier with the online transactions. Such potential benefits and the emerging market players in the developed countries are impacting the overall growth of the Pay-reader industry. 


 


Segment Overview:


 


Based on Solution Types:   


 



  • Card Reader Accessories

  • Integrated Card Reader Solutions


 


Based on Technology:


 



  • EMV Chip And Pin

  • Hybrid Technology Solutions

  • Magnetic Stripe

  • Chip And Sign

  • Near Field Communication

  • Biometrics


 


Based on Applications:


 



  • Healthcare

  • Restaurant

  • Retail

  • Warehouse/Distribution

  • Government and Consumer Utility Services

  • Transportation and Entertainment


 


Regional Analysis:


 


Currently, North America is witnessing healthy growth in the Pay-card Reader market value owing to the increasing prevalence of smartphones, tablets, and wireless devices. The market share is expected to rise from 38% primarily due to the acceptance of card readers among payment merchants and retail shops. Stringent laws are imposed by the government against counterfeit activities across the region are also impacting the overall growth of the Pay-Card Reader industry. The PCI DSS compliance which includes Firewalls, Password protection, Transmission Data Encryption, and Anti-virus protocols are increased the Pay-card Reader market demand in recent years. On the other hand, European countries are inclining towards contactless payments with the usage of chip and PIN methods to reduce plastic cards manufacturing. The convenience that it provides to the users is driving the overall growth of the Pay-card reader industry.


 


Competitive Landscape:


 



  • Square, Inc. (US)

  • PayPal Inc. (US)

  • Intuit Inc. (US)

  • Payanywhere LLC (US)

  • First Data Corporation (US)

  • CPI Card Group Inc. (US)

  • Infineon Technologies AG (Germany)

  • Gemalto NV (Netherlands)

  • Mahindra Comviva (India)


 


Recent Developments:


 


In the year 2018, one of the leading market players, PayPal has launched the omnichannel pay-card readers which provide the facility for the retailer to use the payment details later for the online transaction, where the details were acquired when the customer has made the payment via card reader. The platform helps the customers to integrate their payment details irrespective of their payment choice which includes, in-person, online, or in-between.


 


In the year 2018, Gemalto NV which is considered as the leader in digital security has launched the biometric EMV card which adapts the chip and contacts less payment, the biometric data that is the fingerprint is forever stored in the card and with a single touch, the transaction is initiated. In the protocol, the users are securely authenticated and the biometric check is performed only on the card.


 


Report Overview:


 


This report has covered:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 73,057.27 Million
  CAGR   4%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Square, Inc. (US), PayPal Inc. (US), Intuit Inc. (US), Payanywhere LLC (US), First Data Corporation (US), CPI Card Group Inc. (US), Infineon Technologies AG (Germany), Gemalto NV (Netherlands), and Mahindra Comviva (India)
  Key Market Opportunities   The mass transition from magnetic strip technology to micro-controller smart cards
  Key Market Drivers

  • Rising penetration of tablets and smartphones across the globe.
  • Increasing use of the electronic mobile payment.
  • Rising popularity of pay card reader device


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    Frequently Asked Questions (FAQ) :

    The global for pay-card reader market will be gaining a valuation of USD 73,057.27 million by the year of 2023.

    The transition from magnetic strip technology to micro-controller having the card is going to boost the pay card reader market in a greater way.

    The factor of information transferred from the pay card reader to mobile device goes unencrypted are to restrain the market during the growth period.

    Square, Inc. (US), PayPal Inc. (US), Intuit Inc. (US), Payanywhere LLC (US), First Data Corporation (US), CPI Card Group Inc. (US), Infineon Technologies AG (Germany) are the key players investing in the growth of the global for pay-card reader market.

    PayPal Gemalto NV are the key companies known for investing in the global for pay-card reader market growth.