Pay-Card Reader Market 2023 Major Key Players and Industry Analysis Till 2027

Market Overview

As of 2016, the Pay-Card Reader Market is valued at USD 5,860 million, which is predicted to rise to USD 73,057.27 million by 2023. The Pay-card reader is the device that may be used to process transactions. In recent years, the trend toward digitization has dramatically reduced the use of paper money.

Paying via mobile devices like smartphones, wearables, and other hand-held gadgets are becoming more common. Banking sector pay-card readers also fuel pay-card reader market development with minimal processing costs and service charges. Increased need for quick and efficient transactions among retail stores and other end-users customers. Furthermore, the total pay-card reader market’s recent expansion has been aided by the effective deployment of modern technology.

Many industries have been severely affected by the COVID-19 epidemic. As a result of the epidemic, production and transportation have been severely disrupted. Technology like contactless payment systems, on the other hand, saw a large populace adopting them to minimize their exposure to the epidemic. As governments ease restrictions on travel, the need for contactless technology is rising quickly as a prudent consideration. Consequently, post-pandemic government policies are projected to increase demand for NFC technology.

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 Market Segmentation

According to the reports, the global pay-card reader market is segmented based on technology, applications, and regions.

The market may be broken down into four types: Type I, Type II, Type III, and Type IV. According to our prediction, the Type I sector has the biggest market share and is predicted to develop significantly and dominate the worldwide market over the next several years. Information such as revenue and market share is provided for every product category.

It is divided into four categories based on the application: Application I, Application II, Application III, and Application IV. Application I is expected to have the largest share of the market and increase at the fastest rate during the projected period. Apps with high application worth, customer base, or growing worth are the Segment’s focus.

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Regional Classification

The worldwide market was led by North America, with a market share of more than 35%. In this area, cashless transactions are gaining traction due to consumer desire and government initiatives. The Asia Pacific industry is likely to increase considerably in the near upcoming years of rapidly rising digitization and the expansion of the e-commerce industry in emerging nations like China and India. The expanding Asian banking sector is predicted to fuel global market expansion.

Pay card readers are becoming more popular in the Middle East and Africa due to the region’s improving economic climate. The recycling of payment card readers in such countries is likely to grow considerably during the projected period. In light of the growing popularity of smart phones, the worldwide market is predicted to grow.

Industry News

PayPal, a major participant in the sector, introduced omnichannel pay-card readers in 2018 that allow retailers to leverage client payment information gathered through a card reader for an online transaction later. If clients prefer in-person, online, or anywhere in between, the platform allows them to integrate their card details regardless of their payment method.

A new biometric EMV card from Gemalto NV, widely regarded as the industry leader in technology security, was released in 2018 and utilized the chip and contactless payment technology. The fingerprint biometric data is permanently saved on the card, and the transaction is conducted with a single touch. Biometric verification solely takes place on the user’s card under this protocol.

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