Global Pay-Card Reader Market Size, Share will grow with a CAGR of 4.00% in the forecast period of 2032

The rise in Card Payments Drives the Pay-Card Reader Market 

The global pay-card reader market is likely to witness modest growth by the end of this year. The adoption of novel card-reading solutions in many small-scale businesses is a key driving force. According to Market Research Future (MRFR), the Pay-card Reader Market Size was valued at USD 55.1 Billion in 2022. The pay-card reader market industry is projected to grow from USD 57.3 Billion in 2023 to USD 78.42 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2023 – 2032).

Pay-card readers are card-reading devices offering secure payment and integrating transactions into websites and apps. Pay-card reader offers benefits such as convenient payment options, faster payments, and better security. Rapid technological advances increase the market size, improving the performance of pay-card reader solutions and securing & automating financial transactions & billing routines. 

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Also, there is a constant rise in consumer preference for card payments. The adoption of pay card reading solutions in many small businesses across industries is increasing at a faster pace. Besides, the demand for user-friendly payment solutions and purchasers is rising continually. Changing business needs cost-efficient payment solutions and services to stay active in the market and offer significant opportunities. 

Key Players

Key players involved in the pay-card reader market are

• PayPal Inc. (US),
• Square, Inc. (US),
• Intuit Inc. (US),
• First Data Corporation (US),
• Payanywhere LLC (US),
• CPI Card Group Inc. (US),
• Gemalto NV (Netherlands),
• Infineon Technologies AG (Germany), and
• Mahindra Comviva (India), among others. 

Industry Trends

Small to medium-sized enterprises are increasingly incorporating efficient payment solutions to respond to new challenges and ease their way to digitization. With continual technological upgrades and growing digitization in businesses, there is a growing need to secure payment solutions incorporated into every business. Resultantly, pay-card reader markets worldwide are garnering significant traction. 

Some areas that experienced an uptick in adopting pay-card reader solutions include utility bill payments & recharges and pharmacies & grocery stores. Besides, the increasing focus on driving business growth by automating their payment processes boosts the pay-card reader market size. 

Major market trends are the increased uptake of cloud computing, cloud solutions, and software as a service (SaaS) or on-demand software. Technology providers strive to improve the functionality of their pay-card reader line through product upgrades and integrations.

The COVID-19 pandemic impacted the pay-card reader industry, causing huge revenue loss. Pandemic crises that wreaked havoc on the supply chain and consumer purchase patterns raised the demand for an efficient online payment ecosystem for sellers, services, and distribution. 

During the lockdown, online payment volumes boosted significantly. Also, government initiatives to promote online or contactless payments affected the market growth. The pandemic disruption changed consumers’ buying patterns, shifting them from in-store to online/virtual purchases. 

Many enterprises focused on adding contactless purchase & payment options by integrating advanced technologies like AI, ML, Cloud, and IoT. Also, the massive shift toward online shopping & restricted spending impeded market growth, encouraging vendors to take innovative steps to boost their sales. 

Strict lockdown mandates increased online payments and fueled ecommerce sales growth worldwide. Also, contactless payment mandates shifted the pattern of buying services, goods, and entertainment online. This impeded market growth by boosting contactless payments and e-wallet use.

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Segments

The pay-card reader market report is segmented into solution types, technologies, applications, and regions. The solution type segment is sub-segmented into card reader accessories and integrated card reader solutions. The technology solution segment is sub-segmented into EMV chips & pins, hybrid technology solutions, magnetic stripes, chip & sign, near field communication, biometrics, and others. 

The application segment is sub-segmented into healthcare, restaurant, retail, warehouse/distribution, government & consumer utility services, transportation & entertainment, and others. The region segment is bifurcated into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.

Regional Analysis

North America leads the global pay-card reader market. Factors such as the increase in pay-card reader adoption among small businesses and the high inclination of consumers towards card payments contribute to market growth. Besides, the widespread utilization of debit cards, credit cards, and m-commerce influences the region’s pay-card reader market shares. 

Growing technological advances and the need for card-reading terminals in the region boost pay-card reader market revenues. Moreover, wide applications of pay-card reader solutions among different end-use businesses and increasing dependence on electronic billing push the market growth further. The growing digitalization and automation in small and medium-sized enterprises increase the use of pay-card reading solutions. 

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Competitive Analysis

The pay-card reader market witnesses increasing strategic initiatives, such as collaboration, expansion, mergers & acquisitions, and integration of advanced technologies. Industry leaders strategically invest in driving research and development activities and fostering their expansion plans. 

For instance, on Feb. 22, 2023, Stripe, leading payments and financial services provider, announced the expansion of its ‘Tap to Pay’ terminal to Android, turning NFC-enabled Android devices into payment terminals. This makes Stripe the only payments company providing Tap to Pay on Android, allowing Stripe Terminal users to transact on NFC-equipped Android devices.

Stripe Terminal is the company’s big move into physical, point-of-sale transactions, banking around hardware like card readers that integrate with Stripe’s payment rails. It will support payment methods using Google Pay, Mastercard, Visa, and American Express debit & credit cards, as well as integrate with third-party merchant platforms that typically provide bridging through to different segments of small businesses.

The Tap to Pay terminal is currently live in six markets, including the US, Canada, the UK, New Zealand, Australia, and Singapore. Stripe plans to expand the list further to Android users and smaller businesses that are reluctant to move to contactless payment methods. 

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