Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- Pay Card Reader Market
Market Research Future (MRFR) in their recent report on the pay card reader market talked about the possibility of crossing the market valuation with ease by the end of 2023. Consumer-driven business procedures are getting more focus from myriad industries. This has inspired several modifications in payment systems. One such is the pay card reader. The machine’s ability to read credit or debit card data to facilitate easy payment options is getting much traction at present. The global pay card reader market is expected to showcase an incredible 44% CAGR during the forecast period (2016-2023).
Head-to-Head:
Several companies, from across the globe, are taking an interest in the pay card reader market. These companies, as profiled in MRFR report, are PayAnywhere LLC (U.S.), Mahindra Comviva (India), Paynear ONE Solutions (India), Square, Inc., Paypal Inc, Intuit Inc. (U.S.), CPI Card Group Inc. (U.S.), First Data Corporation (U.S.), Infineon Technologies Ag (Germany), Gemalto (Netherlands), And Others.
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Market Drivers & Restraints
There are several factors influencing the pay card reader market dynamics. Factors such as rise in the e-commerce sector, which is influencing the concept of home delivery of products and pay on delivery scheme, can ensure the future prospects of pay card reader market. Technological advancement should also be considered while understanding the market prospects for the coming years. Various components, such as Bluetooth, chip & sign, biometrics, magnetic strips, and QR code can now be used to connect the device with a smartphone or any other service providing machine. The process is also easy, especially with the evolving technology of contactless transaction.
Government initiatives are also bearing fruits. The increasing digitalization of the system to bring clarity in the economy is assisting the inclusion of pay card reader in diverse sectors for easy transactions. Several types of machines from smaller to bigger ones are getting launched in the market. Banking sector is benefitting much from the global initiatives to simplify payment procedures using pay card readers. EMV technology is the global standard which is used in these cases and allows a second level of authentication to the customer to safeguard accounts from getting breached.
However, network connection could be an issue for the growth of this pay card reader market. But increase in digitalization can take the pay card reader market out of any long-time sluggishness.
Market Segmentation:
MRFR in their analysis of the global Pay Card Reader Market analyzed the industry by segmenting it into technology and application. This segmentation aims at providing an in-detail report on the market with data based on volume-wise and value-wise reading of the collected data.
Based on the technology, the global pay card reader market includes Europay MasterCard Visa (EMV) Chip, near field communication technology, and QR codes. The EMV segment is quite popular and gets recognition from several governments owing to which the market percolation has become easier.
Based on the application, the global pay card reader market comprises healthcare, hospitality, retail, entertainment, transportation, and consumer utility services. The pay card reader market is gaining substantial mileage from the healthcare sector and consumer utility services.
Mapping the Industrial Boundaries:
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are the four regions that get a mention in the report of the pay card reader market prepared by MRFR. This emphasis on regions is to uncover the possibilities on a demographic scale to assess market dynamics better for the coming years.
North America’s market has the maximum market coverage owing to the inclusion of technology in every sphere of life. Rapid urbanization has created a severe time crunch owing to which demand for faster-paying options are getting traction. Pay card readers have taken this route to infiltrate the market and as it maintains transactional clarity, its popularity is getting triggered among normal users.
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The APAC region has serious prospects as the region houses a massive population in countries such as India, China, and Japan. Several countries are also having an economic revamping owing to which the region is having a great run in the pay card reader market. During the forecast period, this market can rise with a remarkable CAGR.
Industry News:
In May 2019, Itaú Unibanco Holding of Brazil, one of the largest banks, decided to launch immediate payment solution based on the QR code technology. The new platform, they have named, Iti. This would connect merchants with customers for better payment experience.
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