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Mobile Card Reader Global Market Report 2024 - By Demand, Size, Share, Growth, Outlook By 2033
Mobile Card Reader Market
As per the report, the mobile card reader market size has grown exponentially in recent years. It will grow from $12.47 billion in 2023 to $15.07 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The mobile card reader market size is expected to see exponential growth in the next few years. It will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
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Surging Smartphone Adoption For Digital Payments Ignites Growth In The Mobile Card Reader Market
The rising adoption of smartphones for digital payments is expected to propel the growth of the mobile card reader market going forward. A smartphone refers to a mobile phone that connects to the internet and features software similar to that on a laptop. Digital payments refer to transactions that happen online or through digital channels without a physical exchange of money, this implies that both the payer and the payee exchange money via electronic means. The integration of physical card characteristics with smartphone functions is moving the future of card payments ahead, as a result, it will drive demand for mobile card readers in retail settings for shopping experiences. For instance, in April 2022, according to FIS global, a US-based IT service management company, mobile wallet usage increased by over 21% YoY in 2021, reaching 28.6% of all POS transactions globally, or more than US$13.3 trillion. Therefore, the rising adoption of smartphones for digital payments is driving the demand for the mobile card reader market.
Technological Advancement Driving Innovation In Mobile Card Reader Market
Technological innovation is a key trend gaining popularity in the mobile card reader market. Major key players are increasingly focusing on launching innovative products to strengthen their position in the market. For instance, in July 2022, Revolut, a UK-based financial technology company launched Revolut Reader, a compact card reader. The unique features of this card include instant contactless payment options via debit, and credit cards. This card is adapted to other POS systems in place which includes an SDK/API solution. The company aims at ensuring flexibility to larger merchants with POS systems.
The mobile card reader market covered in this report is segmented -
1) By Solution: Hardware, Software
2) By Technology: Chip And Pin, Magnetic Stripe, Near Field Communication (NFC)
3) By Deployment: On-Premises, Cloud
4) By Application: Entertainment, Retail, Healthcare, Hospitality, Restaurants, Warehouse, Other Applications
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Major companies operating in the mobile card reader market report are Electronic Merchant Systems Inc., Ezetap Mobile Solutions Private Limited, Ingenico Group, LifePay ZAO, Mswipe Technologies Pvt. Ltd., Miura Systems Limited, PayAnywhere LLC, Payleven Holding GmbH, PayPal Holdings Inc., Block Inc., Clover Go, Dorma India Pvt. Ltd., Shopify, Hid Global India Pvt. Ltd., Western Digital Technologies Inc., Intuit Real Estate Solutions, Shopify Inc., PayPal Holdings Inc., Zettle by PayPal, PaySimple Inc., CardFlight Inc., Clover Network Inc., Ehopper Services Inc., Poynt Co., First Data Corporation, Worldpay Inc., Adyen N.V. provides payment solutions, Global Payments Inc., Elavon Inc., Total System Services Inc. .
Contents of the report:
1. Executive Summary
2. Mobile Card Reader Market Report Structure
3. Mobile Card Reader Market Trends And Strategies
4. Mobile Card Reader Market - Macro Economic Scenario
5. Mobile Card Reader Market Size And Growth
…..
27. Mobile Card Reader Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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