The Global Mobile Card Reader Market Is Driven By the Increasing Adoption of Mobile Payments, Rising Smartphone Penetration, And the Trend of Contactless Payments

 

Mobile Card Reader Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2022-2028.

Market Overview:

A mobile card reader is a small device that can be connected to a mobile device, such as a smartphone or tablet, to enable businesses to accept card payments on the go. The device typically reads the information stored on a customer's credit or debit card and then transfers the information to the payment processing system. This allows businesses to accept card payments without the need for a traditional point-of-sale terminal.

Competitive Landscape:

Major players operating in the global mobile card reader market include Verifone, SumUp, Square, PayPal, Payleven, PayAnywhere, Miura Systems, Mswipe, LifePay, JUSP, Ingenico, Ezetap, eWAY, and Electronic Merchant Systems.

Key Market Drivers:

The increasing adoption of mobile payments is one of the major drivers of the global Mobile Card Reader Market. Mobile payments have become increasingly popular due to their convenience, speed, and security. The growing number of smartphone users and the rise of e-commerce have also contributed to the growth of the mobile payments market.

The increasing penetration of smartphones is another driver of the global mobile card reader market. For instance, according to DataReportal, over two-thirds of the global population uses mobile phones, and in January 2023, the number of unique users was around 5.44 billion. As more people use smartphones, businesses are adopting mobile card readers to accept payments from customers. Mobile card readers offer an affordable and easy-to-use solution for small and medium-sized businesses that want to accept card payments.

The trend of contactless payments is also driving the global mobile card reader market. Contactless payments have become increasingly popular due to their convenience and speed. Mobile card readers can support contactless payments, making them an attractive option for businesses.

Covid-19 Impact Analysis:

The COVID-19 pandemic has had a mixed impact on the global mobile card reader market. On the one hand, the pandemic has accelerated the adoption of digital payments as people avoid physical contact. On the other hand, the pandemic has resulted in a decline in economic activity, which has affected businesses' ability to invest in new technology.

The pandemic has also resulted in a shift in consumer behavior, with more people shopping online and using mobile payments. As a result, businesses have had to adapt and adopt new payment solutions to meet the changing demands of their customers.

Key Takeaways:

·        North America is expected to dominate the global mobile card reader market, owing to the increasing prevalence of online retailers in the region. For instance, according to Influencer Marketing Hub, there are around 2.5 million online retailers in the U.S. The region's dominance is also due to the high adoption of mobile payments and the presence of key players in the market.

·        The Asia Pacific region is expected to witness significant growth in the coming years owing to the increasing adoption of mobile payments and the rising penetration of smartphones. China is the largest market for mobile card readers in the region, followed by Japan and India. For instance, according to Newzoo, around 659 million individuals in India were smartphone users in 2022.