Market Overview

Mobile card reader is an external hardware device that can be connected to a tablet or smartphones, for accepting payments from debit or credit cards, principally turning the smartphone into mPOS terminal. Growing digitization and increasing use of plastic money for transactions is expected to be the most prominent driver for the global mobile card reader market over the forecast period.

Large number of micro, small and medium enterprises are emerging across the globe, specifically in the emerging economies. According to the Asia Pacific Economic Cooperation, around 97% of the enterprises in the APEC regions were small and medium enterprises, as in December 2013. Moreover, most of the small businesses that include startups, restaurants, and freelancers among many others, are increasingly driven towards these solutions owing to consumer tendency of making the payment through cards. ‘Cash only’ sign boards have become the most demotivating factor for consumers. This trending digitization of cash transactions through the use of plastic money is expected to prominently drive the demands for mobile card reader market through the forecast period.

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Market Dynamics

Growth in penetration and adoption smartphones and other portable devices has led to considerable paradigm shift from website based revenue models to mobile app based models. According to Coherent Market Insights analysis, around 60% of the consumers utilize these portable devices for shopping and accessing other forms of on demand services, and also complete transaction through these devices. Considerable growth in revenue generation for ecommerce businesses through advent of consumer friendly payment methods is projected to drive the demands for mobile card reader market. Chief e-commerce industry participants in India that include Flipkart and Amazon among many others have already started accepting payment through these channels.

Global Mobile Card Reader Market Taxonomy

On the basis of technology, the global mobile card reader market is classified into:

Magnetic stripe

Chip and PIN

Near field communication

On the basis of end users, the global mobile card reader market is classified into:

Micro and small enterprises

Medium enterprises

Large enterprises

Others

On the basis of regions, the global mobile card reader market is classified into:

North America

Europe

Asia Pacific

Latin America

Middle East

Africa

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The Key players in the global mobile card reader market include Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone. Industry is expected to witness large number of strategic initiatives to enhance the security and functionality of their offerings. For instance, in June 2017, Barclays announced a launch of its new readers and improved visibility debit card to increasingly cater the disabled and old customers.

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