Mobile Card Reader Market Due to ongoing government measuresto promote the usage of digital payment systems such as online banking, POSterminals, and mobile wallets for completing monetary transactions, the marketsize is expected to rise significantly throughout the forecasted timeframe.Several countries are enacting legislation to encourage the use of digitalpayments and the transition to a cashless and digital economy. The Indiangovernment's Cashless India initiative, for example, aspires to transform thecountry into a digitally empowered society and knowledge economy. The need forthese online transaction solutions is likely to grow in the coming years as aresult of the increase in such efforts.
The surgein data security issues and cybercrime linked to mobile card reader marketmay stifle the market's growth. Unauthorized access to these devices by thoseattempting to steal sensitive information such as credit card numbers isextremely common. Hackers can use Bluetooth or mobile applications tomanipulate commands in card readers, change payment amounts, and acquire fullremote control of the device. Several small organisations and corporations are resistingthe deployment of readers due to security concerns.
In thefuture years, demand for contactless card readers is expected to rise. Thesecards work with Apple Pay, Android Pay, and other NFC-enabled smartphones andwearables to accept contactless payments. They have numerous layers ofprotection integrated in them, such as chip and PIN payments, which ensure safeand secure financial transactions. Furthermore, these devices can operatewithin a few millimetres of POS terminals, limiting the virtual capture ofconsumer information and boosting merchant fraud protection. As a result ofthese qualities, it is widely used in a variety of applications.
Market for Mobile Card Readers, by Solution
- Hardware
- Software
Market for MobileCard Readers by Deployment
- On-premise
- Cloud-based
Segmentation by technology:
- Chip and PIN
- Magnetic Stripe
- Near Field Communication
Segmentation by End User:
- Large Enterprises
- Medium Enterprises
- Micro and Small Enterprises
Mobile card readersare devices that accept credit and debit card payments and are connected totablets, computers, and smartphones. They're compact and can handle a varietyof transactions, including card swipes, contactless payments, and chippayments. Invoice, receipt, tax computation, and other services are includedwith mobile card reader market. These gadgets are low-cost, and usersare charged a modest fee per transaction.
In terms of revenue,the market in North America dominates the worldwide mobile card readermarket, and it is predicted to rise rapidly throughout the forecast period.Government initiatives for cashless transactions, as well as consumer demandfor plastic money, are driving market expansion in this region. Due toexpanding digitalization and the e-commerce sector in emerging economies suchas China and India, the Asia Pacific market is expected to grow significantlyin the near future. The Asia Pacific region's global market is expected todevelop as the banking sector expands.
Over the last fewyears, an increase in the number of fraudulent operations and security breacheshas raised serious worries about the protection of people's personalinformation and credentials. Furthermore, the technology is still in its earlystages of acceptance, and consumer confidence in its adoption is low incontrast to conventional payment methods. Inadvertently, the emergence of alarge number of cash-based economies, such as Mexico, India, Indonesia,Pakistan, Nigeria, Ethiopia, and Egypt, will provide a significant growthproblem in the coming years.
The widespread usageof smartphones and other portable devices has resulted in a significantparadigm shift away from website-based revenue models and toward mobileapp-based revenue models. According to Coherent Market Insights, almost 60% ofconsumers use their mobile devices to shop and access various types ofon-demand services, as well as to conduct transactions.
