Pay Card Reader Market: Global Industry Analysis and Forecast (2023-2029)

Pay Card Reader Market was valued US$ 4.53 Bn. in 2022 and is expected to reach a value of US$ 6.72 Bn by 2029, with a CAGR of 5.8% during the forecast period
Pay Card Reader Market Overview & Dynamics:
A Pay Card Reader is a machine that analyses the payment data recorded in the Chip and Magnetic Stripe through the sales process. It is typically handheld equipment used to take data from a buyer's credit or debit card to complete a sale. It can be wireless or wired to a computer or sales terminal.

The global growth of the pay card reader has increased rapidly in recent years, and it is expected to grow at a high CAGR throughout the forecast years. Ongoing migration to MasterCard, Europay, Visa, and other chip-based standards is escalating the industry, with the adoption of smart acceptance devices increasing yearly. From 2022 to 2029, the market is expected to develop due to increased awareness of the technology. The possibility of others observing you enter the pin during a transaction, as well as technical problems that may develop during the transaction, are the major restraints of the pay card reader market.To know about the Research Methodology :- Request Free Sample Report
Pay Card Reader Market Opportunities:
There is a good opportunity for the growth of the global pay card reader market in the adoption of wireless devices and smart devices. Bluetooth, chip and sign, biometrics, QR codes, contactless, and magnetic strip technologies are among the communication technologies that are driving the global growth of the pay card reader market.

In recent years, the market value of pay card readers has soared due to the introduction of EMV technology. Because EMV technologies allow cardholders to submit a second-level protection code, substantial protection against fraudulent activity is possible. Moreover, the introduction of QR codes and contactless technologies in the sector has aided the expansion of the Pay-card reader market in recent years.
Pay Card Reader Market Segment Analysis: Global Pay Card Reader Market is segmented into Solution Type, Technology and Application.
Based on Solution Type, in 20221, the Card Reader Accessories segment accounted for a dominant share of over 72.14%. The growing demand for proximity and smart cards to record and monitor employee activities is one of the major drivers of the growth of pay card readers. Magnetic stripes and proximity cards are less dependable than smartcards. One of the motivations for the rise of smart card readers is the increasing demand for smart and proximity cards to monitor and record staff activities.

By Application, the Retail segment is expected to grow at the largest CAGR of nearly 6.10% during the forecast period. This growth is attributed to the wide use of contactless payments in retail stores to maintain social distance protocols. According to a poll conducted by the National Retail Federation and Forrester, 67 % of retailers accepted some sort of no-touch payment during the epidemic.
Pay Card Reader Market Regional Insights:
In 2022, North America dominated the global market, accounting for more than 35 % of the market share. Individual preference for plastic money and government measures for cashless transactions drive market expansion in this region. Rapidly expanding digitalization and the rise of the e-commerce sector in emerging economies such as China and India, the Asia Pacific market is expected to grow significantly in the near future. The growing banking industry is expected to drive worldwide market growth in the Asia Pacific.

The Middle East and Africa is also adopting the technology thanks to favorable economic condition and expected to boost the growth of the global pay card reader market. Over the projection period, remanufacturing of pay card readers in these nations is expected to expand significantly. Keeping in mind the expanding use of smartphones and tablets and increased knowledge of technology, the global market is expected to rise.

Leading market key players are working to demonstrate the opportunity to Pay Card Reader Market Globally.

The MMR reports cover key developments in the pay card reader market as organic and inorganic growth strategies. Product launches, product approvals, and other organic growth tactics such as patents and events are valued by many companies. Such as, In June 2022, PayPal launched Zettle, a new card reader. The goal of this product was to acquire a competitive advantage over competitors like Square Inc., provide unified experiences for retailers, and build loyalty tie-ins with PayPal mobile wallet. SumUp and N26 announced cooperation in April 2022 to make cashless payments easier for clients. N26 business account holders can get a discount on SumUp's card readers as part of the partnership, allowing them to accept mobile wallet and card payments from clients.

The objective of the report is to present a comprehensive analysis of the Pay Card Reader Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Pay Card Reader Market dynamic and structure by analyzing the market segments and projecting the Pay Card Reader Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Pay Card Reader Market make the report investor’s guide.
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Pay Card Reader Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 4.53 Bn.


Forecast Period 2023 to 2029 CAGR:
5.8%
Market Size in 2029:
US$ 6.72 Bn.


 Segments Covered:
by Solution Type
• Card Reader Accessories
• Integrated Card Reader Solutions


by Technology
• EMV Chip and Pin
• Hybrid Technology Solutions
• Magnetic Stripe
• Chip and Sign
• Near Field Communication
• Biometrics


by Application
• Healthcare
• Restaurant
• Retail
• Warehouse
• Government and consumer utility services
• Transportation
• Entertainment



Pay Card Reader Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Pay Card Reader Market Key Players are:
• Gemalto (Netherlands)
• Infineon (Germany)
• IDEMIA (France)
• Wirecard (Germany)
• Verifone (U.S)
• Ingenico (France)
• On Track Innovations (Israel)
• Identiv (U.S)
• CPI Card Group (U.S)
• Bitel (South Korea)
• Setomatic Systems (U.S)
• Valitor (Iceland)
• PAX Global Technology (China)
• MobeeWave (Canada)
• Alcineo (South Africa)
• Castles (Taiwan)
• Paycore (Istanbul)
• Mahindra Comviva (India)
• Square, Inc.
• PayPal Inc.
• Intuit Inc.
• Payanywhere LLC
• First Data Corporation

Frequently Asked Questions:

1] What segments are covered in the Pay Card Reader Market report?
Ans. The segments covered in the Pay Card Reader Market report are based on Solution Type, Technology and Application.

2] Which region is expected to hold the highest share in the Pay Card Reader Market?
Ans. North America region is expected to hold the highest share in the Pay Card Reader Market.

3] What is the market size of the Pay Card Reader Market by 2029?
Ans. The market size of the Pay Card Reader Market by 2029 is US$ 6.72 Bn.

4] What is the forecast period for the Pay Card Reader Market?
Ans. The forecast period for the Pay Card Reader Market is 2023-2029.

5] What was the market size of the Pay Card Reader Market in 2022?
Ans. The market size of the Pay Card Reader Market in 2022 was US$ 4.53 Bn.