Pay Card Reader Market: By Technology (Europay MasterCard Visa (EMV) Chip, near field communication technology, QR codes), By Application (Healthcare, Hospitality, Retail, Entertainment, Transportation and Consumer Utility Services) – Global Forecast till 2022
A pay card reader is a kind of device that is mainly utilized for reading debit cards and credit cards through a pin technology and magnetic band. The pay card reader device is generally connected to the smartphones through an audio jack or also through Bluetooth or NFC technology. Government over the globe is endeavoring to enhance the mobile and web framework, and the interest to alter contactless payment system is one of the noteworthy reason augmenting the pay card reader market. The expansion in number of small scale, medium sized and large ventures is boosting the mobile payment market.
The complexities related with bank systems and high exchange charges has prompted shutdown of numerous small, medium and large organizations and are anticipating implement the card based exchange or transactions. The global pay card reader market is expected to grow at a CAGR of 44% during the forecast period (2017-2023).
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Technology plays an essential role in contactless payment transaction. Various technologies are used for connecting the pay card reader device along with the smartphone or any other portable devices including Bluetooth, near field communication technology, chip and sign, magnetic strip, biometrics, and QR code. All these technologies mentioned above has their own particular characteristics and is used widely in different mobile based payment procedure. EMV technology is one of the most secured technologies that is used for automated teller machines, smart card payments, and at other payment terminals. The EMV cards are also called smart card consisting of a magnetic strip which holds the data on the integrated circuits.
The global pay card reader market is bifurcated on the basis of its application and technology. Based on its technology the market is divided into near field communication technology, Europay MasterCard Visa (EMV) Chip, and QR codes. On the basis of its application the global pay card reader market is segmented into hospitality, healthcare, retail, transportation, entertainment, consumer utility services among others.
Geographically, the global pay card reader market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Some of the major players in the global pay card reader market include names like Square, Inc., Intuit Inc. (U.S.), Paypal Inc, PayAnywhere LLC (U.S.), First Data Corporation (U.S.), Paynear ONE Solutions (India), CPI Card Group Inc. (U.S.), Gemalto (Netherlands), Mahindra Comviva (India), Infineon Technologies Ag (Germany), among others.
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