Press release
Mobile Card Reader Market is Moving Fast! | Major Key Companies are Clover Network, Inc., Electronic Merchant Systems, SumUp, Paypal, Intuit, Square, First Data Corporation, Ezetap Mobile Solutions Pvt. Ltd, iZettle, Mswipe Technologies Pvt. Ltd.,
The increased demand for the device across end-use industries, such as retail and hospitality, is expected to boost the mobile card reader market growth. These devices offer several benefits to businesses, such as inventory control, online store, analytics, invoicing, and customer directory, enhancing the payment processing and consumer experience. The transactions are done based on the plastic currency with the help of these readers, resulting in increased cost-effectiveness and efficiency for both vendors and customers. Retail and wholesale stores are highly adopting these readers as they are cheaper, portable, and easy to carry. Moreover, the companies are investing in providing various schemes to expand their business and customer base in the market. For instance, PayPal Holdings, Inc., an online payments company, is offering free card readers for low-volume businesses, allowing them to easily manage inventory and expand customers.
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The rise in data security concerns and cybercrimes associated with the devices may hinder the mobile card reader market growth. These devices are highly prone to unauthorized access by individuals trying to steal customers' personal details such as credit card information. Security threats in card readers allow hackers to manipulate commands using Bluetooth or mobile applications, modify payment amounts, and gain full remote control of the device.
Mobile Card Reader Industry, By Solution
o Hardware
o Software
Mobile Card Reader Industry, By Deployment
o On-premise
o Cloud-based
Mobile Card Reader Industry, By Technology
o Chip and PIN
o Magnetic stripe
o Near Field Communication (NFC)
Mobile Card Reader Industry, By Application
o Entertainment
o Retail
o Healthcare
o Hospitality
o Restaurant
o Warehouse
o Others
The Asia Pacific mobile card reader market is expected to witness high growth in the coming years. The presence of a large number of semiconductor and resistor manufacturing companies coupled with the easy availability of raw materials in the region is expected to drive the market growth. Moreover, the rise in government initiatives for digitization and shift toward cashless economy in countries including India, China, Japan, and Indonesia will provide lucrative opportunities for market growth. the presence of leading giants, such as Alipay, WeChat Pay, and Tenpay, in China will help to improve online payment methods in the country. Similarly, in India, the effect of demonetization has provided sharp growth to the digital payments industry.
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The key players in the mobile card reader market include Tappr, Clover Network, Electronic Merchant Systems, SumUp Inc., Paypal Inc, Intuit Inc, Square Inc., First Data Corporation, Ezetap Mobile Solutions Pvt. Ltd, Intuit Inc, Total System Services Inc, iZettle, JUSP, mSwipe, and PayAnywhere. These companies are focusing on investing in various techniques to maintain their market presence and compete with other manufacturers.
The research study, in essence, comprises an inherent understanding of the mobile card reader market in detail. The document in question provides an executive summary, detailed industry ecosystem analysis, industry insights, an overview of global trends, and the market segmentation. Deliverables related to the competitive and regulatory spectrums are also elaborated in the study alongside the strategic perspectives of industry players.
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