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Mobile Card Reader Market Report 2024 - Mobile Card Reader Market Growth, Opportunities And Forecast
Mobile Card Reader Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to e-commerce growth, rise in mobile payments, small business adoption, regulatory support for card security, increased consumer expectations, emergence of contactless payments.
The mobile card reader market will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to mobile wallet integration, rise in micro-merchant and sme adoption, focus on security features, global expansion of cashless payments, integration of value-added services.. Major trends in the forecast period include enhanced user experience, expanded compatibility, subscription-based models, integration with point-of-sale (pos) systems, enhanced data analytics.
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Market Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Mobile Card Reader Market 2024 Key Insights:
• The mobile card reader market will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
• Surging Smartphone Adoption For Digital Payments Ignites Growth In The Mobile Card Reader Market
• Technological Advancement Driving Innovation In Mobile Card Reader Market
• North America was the largest region in the mobile card reader market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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