Pay Card Reader Market

 

Pay Card Reader Market is expected to grow from US$ XX Bn in 2019 to US$ XX Bn by 2027, at a CAGR XX% from 2019-2027.

 

Pay Card Reader Market

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The report study has analyzed the Drivers, Restraints and Challenges shaping the Pay Card Reader Market Dynamics and the impact of COVID-19 Pandemic on the market.

Pay Card Reader is a machine used in the sales process to study the payment data stored in the Chip and Magnetic stripe. It is a typically handheld machine that can be wireless or connected through a wire to a computer or sales terminal and is used to collect data of the buyer’s credit or debit card to finish a sale.
Pay Card Reader Market Dynamics

The rising entrance of Smartphone’s and tablets in various regions across the globe and growing use of the electronic mobile payment, changing in the payment means from Cash and Cheque to electronic payments and increasing usage of pay card reader machine will be estimated to expand the market during the forecast period.
Furthermore, the mass change from magnetic strip technology to Micro-controller smart cards will be estimated to become a chance for the pay-card reader market. However, details pass on from the pay card reader to the mobile machine go unencrypted is estimated to restraint the market. The change from magnetic strip technology to micro-controller containing card is going to grow the pay card reader market. The Micro-Controller consists of a security controller that carries the information data during the payment process. The security controllers comprise of vigorous features that include robust fraud-resistant chip architecture drafted for international security standards.

The micro-controller gives fast and secures data proceedings that are better used while making contact, contactless, and dual interface implementation for wide-ranging industries such as e-government, Public transport, Banking, etc. The increase in data security trouble and cybercrimes related to the devices may retard the mobile card reader market development. These machines are highly vulnerable to unlicensed access by individuals trying to get access to customer’s personal information such as credit card details. The increase in the assumption of digital payment methods in the Indian market such as Paytm, Goggle Pay, Phone Pe, may hamper the Indian market growth rate. The data in the report consists of all the aspects in the industry with a dedicated study of key players. Porter, SVOR, PESTEL analysis with the potential impact of Microeconomic factors of the market has been presented in the report.
Technology Plays an Important role in the Pay-Card Reader Market

Technology is playing an important role in the Pay Card Reader Market. There is innumerable technology that is used to attach the pay card reader machine with smartphones or other handheld devices such as near field communication technology, biometrics, magnetic strip, and chip, QR code. EMV cards are known as smart cards and comprise a magnetic strip that stock their information on IC (Integrated Circuits). This technology is used in a Global Standard for authorizing credit and Debit card-based proceedings. Near field, communication is a small range of wireless connectivity. It consists of magnetic strip induction to authorize between the two devices when these devices are touched together. Philips and Sony together developed this technology for the associated network to interchange data. With NFC, the user card details are inscribed on their phone.
Pay Card Reader Market Segmentation

The Pay Card Reader market is segmented on the basis of solution type (Card Reader Accessories, Integrated Card Reader Solutions), By Technology (EMV Chip and pin, Hybrid technology and solutions, Magnetic stripe, Chip and sign, Near field communications(NFC), Biometrics), and By Applications(Healthcare, restaurant, Warehouse, and Consumers utility services, Transportation and Entertainment). Low priced operating costs and easily usable methods have led to the highly use of these machines in the retail industry. Easy to use, mobility, safe service, different payment options, personalized service, fast check out have led retailers to use these machines in their shops. These devices build up consumer services by lowering wait time and queue at the checking counter.
Covid-19 Impact on Pay Card Reader Market

Because of the COVID-19 pandemic, FTSI, a self-reliant provider of a branch and digital changing solutions for financial institutions, has found a new product, Smart lockers for Banking. The Locker provides contactless self-service at financial institutions and credit unions for consumer and staff safety post -Covid-19 pandemic. Smart lockers are fully capable for inside and outside applications for different dimensions and period requirements. This is an easy to use links permits bank personnel to create one-time access codes to send mail to mobile and to record and maintain examine trials for when consumers fetch items from the locker.
Geographical Analysis

North America holds the highest market share in the Pay Card Reader Market due to an increase in demand for the contactless payment in the place of the old traditional method. Europe and Asia Pacific are the second largest market for Pay Card Reader Market due to the faster procurement of the modern method. India and China over the next few due to the suitable economic situations are estimated to increase the development of Pay Card Reader Market. In India, the impact of Demonetization has given the exquisite development to the digital payment platforms. Moreover, the rise in government enterprise for digital platforms and move towards a cashless economy in Asia Pacific Countries will contribute to high development in the Market.
Pay Card Reader Market Key Development

FTSI, a self-reliant provider of a branch and digital changing solutions for financial institutions, has developed a new product, ‘Smart lockers’ for banking. This locker provides self-service at financial institutions and credit unions for people and staff safety post-COVID-19.

The objective of the report is to present a comprehensive analysis of the Pay Card Reader Market including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has 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 report also helps in understanding Pay Card Reader Market dynamics, structure by analyzing the market segments and projects the Pay Card Reader Market size. Clear representation of competitive analysis of key players by application, price, financial position, Product portfolio, growth strategies, and regional.
Scope of the Pay Card Reader Market: Inquire before buying

Pay Card Reader Market, By Solution Type

• Card Reader Accessories
• Integrated Card Reader Solutions.
Pay Card Reader Market, By Technology

• EMV Chip and Pin
• Hybrid Technology Solutions
• Magnetic Stripe
• Chip and Sign
• Near Field Communication
• Biometrics
Pay Card Reader Market, By Application

• Healthcare
• Restaurant
• Retail
• Warehouse
• Government and consumer utility services
• Transportation
• Entertainment
Pay Card Reader Market, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Pay Card Reader Market, Key Players

• 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)

 

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