Mobile card readers are small size devices that are connected to tablets and smartphones for functioning. They are used to accept payments from debit cards, credit cards, and smart cards. Mobile card readers can also provide transaction records, invoice, receipts, tax calculations, etc.
Major factor driving growth of the global mobile cards reader market is increasing use of smart cards, debit, and credit cards among individuals. In addition, increasing use of smartphones is another factor fueling growth of the target market. However, security concerns regarding usage of cards readers and card cloning may hamper growth of the global market.
The global mobile card reader market has been segmented on the basis of technology, end user, and region. On the basis of technology, the market is segmented into chip and pin, magnetic stripe, and near field communication. On the basis of end user, the market is segmented into large enterprises, medium enterprises, and micro and small enterprises. Small enterprise segment is expected to witness fastest growth in terms of revenue, owing to increasing number of start-ups, local food chains, and restaurants.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for major share in the global market in terms of revenue and is expected to maintain its dominance over the forecast period, owing to presence of key players and well-established e-commerce sector in this region. Asia Pacific market is expected to witness fastest growth in terms of revenue in the near future, owing to increasing government initiatives of digitalization and growing use of smart cards among consumers. Revenue of the market in Europe is expected witness average growth over the forecast period, followed by Latin America and Middle East and Africa.
Key players operating in the global mobile card reader market include Electronic Merchant Systems Inc., Ezetap Mobile Solutions Private Limited, Ingenico Group, Journal Usage Statistics Portal (JUSP), LifePay ZAO, Mswipe Technologies Pvt. Ltd, Miura Systems Limited, PayAnywhere, LLC, Payleven Holding GmbH, and PayPal Holdings, Inc.