The steady saturation of smartphones and tablets sets a suitable stage for the pay card reader market in the coming years. The transferal of usage to micro-controller comprised card from magnetic strip technology is projected to create several viable opportunities for development in the upcoming period. Also, the need to enable safe and secure monetary transactions is expected to promote the market for pay card readers.
The need to ensure smart fund transfer is a major driver of growth for the pay card reader market. Reports that oversee the semiconductors and electronics industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market is expected to be bolstered by incomes worth USD 73,057.27 million while progressing at a CAGR of 43.63 % by 2023.
Detailed Regional Analysis
The regional investigation of the pay-card reader market share has been carried out for regions like Europe, North America, Asia-Pacific, and other global regions. The North American region is anticipated to govern the pay-card reader market throughout the forecast period, with the market share worth 38% owing to the expanding dispersion of smartphones and tablets through the region. The European region has positively controlled the second position in the pay-card reader market. Also, the Asia Pacific region is anticipated to develop at a quicker rate throughout the forecast period. Though, the other global regions are expected to propagate with a sluggish growth rate throughout the forecast period.
The segment-based overview of the pay card reader market is carried out on the basis of technology, application, and region. On the basis of technology, the pay card reader market is segmented into Mastercard Visa (EMV) chip, Europay near field communication technology, and QR codes. Based on the applications, the pay card reader market comprises of transportation, hospitality, retail, healthcare, entertainment, and consumer utility services. Based on the regions, the pay card reader market is segmented into Europe, Asia Pacific, North America, and other regions of the world.
The improvement of production resources is expected to further reflect positively on the overall growth scenario of the market. The development momentum of the market is expected to witness a prolific leap in the approaching years. The availability of better resources and improved accessibility to said resources is expected to create a potential for development in the coming years. The opposition in the market is expected to ramp up in the near future as the user base becomes proliferated with quality products. However, the push of favorable policies laid down by government bodies and trade institutions is anticipated to create an encouraging development rate. Also, increased availability of funds from investment goliaths and venture capitalists is expected to promote a favorable growth scenario in the market in the approaching period. The development of alternate resources is projected to enhance the overall product offering in the coming years.
The significant contenders of the pay-card reader market are PayPal Inc. (US), Intuit Inc. (US), Gemalto NV (Netherlands), Payanywhere LLC (US), First Data Corporation (US), Square, Inc. (US), CPI Card Group Inc. (US), Infineon Technologies AG (Germany), and Mahindra Comviva (India) among others.
Nov 2019 iZettle, a FinTech firm, is offering card reading tech from PayPal, that has launched the world’s primary card reader created from recycled ocean plastic. The ‘Ocean Reader’ is made by means of fishing nets and ropes gathered from the Baltic and North seas. Its formation trails research maintaining that 46 % of the five trillion pieces of plastic contaminating the ocean is filled with old fishing nets. The project has allowed one tonne of plastic from the ocean to be reused.
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