A mobile card reader is an external hardware device that may be attached to a tablet or smartphone to accept debit or credit card payments, effectively turning the smartphone into a mPOS terminal. Over the forecast period, the most significant driver for the global mobile card reader market is likely to be increased digitization and the usage of plastic money for transactions.
Mobile Card Reader Market A large number of micro, small, and medium businesses are sprouting up all over the world, particularly in emerging economies. According to the Asia Pacific Economic Cooperation, small and medium enterprises made up roughly 97 percent of all businesses in the APEC regions as of December 2013. Furthermore, most small businesses, such as startups, restaurants, and freelancers, are increasingly drawn to these solutions as a result of the consumer trend of paying with credit cards. Signs that say "cash only" have been the most demotivating element for customers. This current trend of digitising monetary transactions through the usage of plastic money is projected to have a significant impact on the market.
The widespread usage of smartphones and other portable devices has resulted in a significant paradigm shift away from website-based revenue models and toward mobile app-based revenue models. According to Coherent Market Insights, almost 60% of consumers use their mobile devices to shop and access various types of on-demand services, as well as to conduct transactions. The demand for mobile card readers is expected to rise due to a significant increase in income creation for ecommerce enterprises as a result of the introduction of consumer-friendly payment options. In India, major e-commerce players such as Flipkart and Amazon, among many others, have already begun.
Over the last few years, an increase in the number of fraudulent operations and security breaches has raised serious worries about the protection of people's personal information and credentials. Furthermore, the technology is still in its early stages of acceptance, and consumer confidence in its adoption is low in contrast to conventional payment methods. Inadvertently, the emergence of a large number of cash-based economies, such as Mexico, India, Indonesia, Pakistan, Nigeria, Ethiopia, and Egypt, will provide a significant growth problem in the coming years.
Because of government initiatives and rising consumer preferences toward secure card transaction technologies, the United States is anticipated to maintain its industry share dominance over the next few years. In January 2015, US federal entities began transitioning to the PIN EMV and chip payment standards, as mandated by a presidential executive order. Due to expanding digitization and the increasing number of transactions conducted through smart devices, Asia Pacific is likely to experience the fastest growth rates throughout the forecast period. In India, the government's Digital India programme (launched in July 2015) and Indian banknote demonetization (launched in November 2016) resulted in a large increase in the number of people using the internet.
Electronic Merchant Systems, eWAY, Ezetap, Ingenico, JUSP, LifePay, Mswipe, Miura Systems, PayAnywhere, payleven, PayPal, Square, SumUp, and Verifone are among the leading companies in the global mobile card reader market. A huge number of strategic initiatives are expected in the industry to improve the security and usefulness of their goods. For example, Barclays announced the debut of its updated readers and improved visibility debit card in June 2017 in order to better serve disabled and elderly customers.
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