PUBLISHER: The Business Research Company | PRODUCT CODE: 1274645
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274645
“Mobile Card Reader Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mobile card reader market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mobile card reader? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The mobile card reader market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the mobile card reader market 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., Square, SumUp, Verifone Inc., eWAY, Stripe Inc., and Advanced Card Systems Ltd.
The global mobile card reader market is expected to grow from $10.30 billion in 2022 to $12.47 billion in 2023 at a compound annual growth rate (CAGR) of 21.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mobile card reader market is expected to grow to $26.71 billion in 2027 at a CAGR of 21.0%.
The mobile card reader market consists of revenues earned by entities by providing software services to enable mobile card payments. The market value includes the value of related goods sold by the service provider or included within the service offering. The mobile card reader market also includes sales of portable card readers, virtual card readers and associated hardware components which are used in providing mobile card reader services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A mobile card reader is a tiny device that may be connected to a phone or tablet to collect payment using the cardholder's credit card. Card swipe, chip card, and contactless payment transactions are all made feasible by the device's versatility. These are used to speed up and simplify the payment procedure.
North America was the largest region in the mobile card reader market in 2022. The regions covered in the mobile card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of mobile card readers are hardware and software. Hardware refers to devices that can read and write to data storage like a memory card or memory stick. The various technologies include chip and pin, magnetic stripe, and near field communication (NFC) that are deployed on-premises and cloud. These are used in various applications such as entertainment, retail, healthcare, hospitality, restaurants, warehouse, and others.
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, according to Comscore, a US-based media company, in June 2020, almost 50% of internet transactions took place on mobile devices globally. Mobile wallets have already got a sizable chunk of those transactions. Similarly, 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.
In October 2021, Sumup, a UK-based company operating in mobile card readers acquired Fivestars for a deal amount of $317 million. With this acquisition, Sumup expands its mobile reader portfolio in the USA that helps its merchants to set up rewards schemes and promotions for customers. Fivestars is a US-based company operating in mobile card readers.
The countries covered in the mobile card reader market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mobile card reader market research report is one of a series of new reports from The Business Research Company that provides mobile card reader market statistics, including mobile card reader industry global market size, regional shares, competitors with a mobile card reader market share, detailed mobile card reader market segments, market trends and opportunities, and any further data you may need to thrive in the mobile card reader industry. This mobile card reader market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.