A pay card reader can be defined as a device used to read credit cards and debit cards through a magnetic band and pin technology. The device is connected to the mobile phone through an audio jack or via NFC or Bluetooth technology. Government across the globe is striving to improve the mobile and internet infrastructure, and the demand to revolutionize contactless payment system is one of the significant reasons boosting the pay card reader market. The increase in number of micro, small and medium sized enterprises is fuelling the mobile payment market. The complexities associated with bank procedures and high transaction fees has led to shutdown of many micro, small and large businesses and are looking forward to implement card based transaction. Further the pay card reader market is segmented on the basis of technology and application.
Technology is playing a vital role in contactless payment transaction. There are numerous technology that is used to connect the pay card reader device with the smartphone or other portable devices such as near field communication technology, Bluetooth, chip and sign, biometrics, magnetic strip and QR code. The technology listed above has their own significant characteristics and is widely used in mobile based payment procedure.
EMV technology is basically used for making smart card payments, automated teller machines and payment terminals. EMV cards are also known as smart card and consist of magnetic strip that stores their information on integrated circuits. EMV technology is a global standard for authenticating credit and debit card based transaction that consists of chip-compatible cards and point-of-sale (POS) terminal. EMV technology is considered as one of the most secure form of mobile transaction. EMV cards consist of integrated CVV also known as (iCVV) that is embedded in a chip. The data stored in this chip can be encrypted and only the issuing bank will be able to decrypt it. EMV technology also allows card owners to enter a personal identification number before checkout, ensuring a second level fraud protection.
Some of the prominent players in the global pay card reader market: Square, Inc., Paypal Inc, Intuit Inc. (U.S.), PayAnywhere LLC (U.S.), Paynear ONE Solutions (India), First Data Corporation (U.S.), CPI Card Group Inc. (U.S.), Infineon Technologies Ag (Germany), Gemalto (Netherlands), Mahindra Comviva (India) And Others.
The global Pay Card Reader Market is expected to grow at a CAGR of approximately 44% during the forecast period 2017-2023.
By Technology: Magnetic Strip is dominating the market of pay card reader by technology and has reached USD 1,936.81 Million in the year 2017 and Near Field Communication is expected to grow at a fastest CAGR of 44.36%.
By Application: Retail is dominating the market of pay card reader by application and has reached USD 2,763.16 Million in the year 2017. And is also is the fastest growing at a 43.89% CAGR.
The global pay card reader market is segmented by technology and application. By technology the market is sub-segmented into Europay MasterCard Visa (EMV) Chip, near field communication technology and QR codes. By application the market is segmented into healthcare, hospitality, retail, entertainment, transportation and consumer utility services.
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The regional analysis of pay card reader market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America market accounts for the largest market share in the global pay card reader market. North American market dominated the global pay card reader over the past few years followed by Europe and Asia-Pacific. Fast adoption of card based technology in Asia pacific region especially in country such as Japan, India and China over the next few years due to favorable economic conditions is expected to boost the growth of global pay card reader market during the forecast period.
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