A pay card reader is a type of device which is
mainly utilized for reading debit cards & credit cards through magnetic
band and a pin technology. Pay card reader is commonly connected to the
smart-phones through an audio jack or also through NFC or Bluetooth technology.
The device decodes the information contained on the card, and transmits the
information to a payment processor. After this, the payment processor
authenticates that sufficient funds are available to complete the transaction,
and the merchant completes the sale.
According to study, “Pay
Card Reader Market: By Technology (Europay MasterCard Visa (EMV) Chip, near
field communication technology, QR codes), By Application (Healthcare,
Hospitality, Retail, Entertainment, Transportation and Consumer Utility
Services) - Global Forecast till 2022” the key companies operating in
the pay card reader market are Square, Inc., Paypal Inc, NXP Semiconductors,
PayAnywhere LLC, Intuit Inc., First Data Corporation, CPI Card Group Inc.,
Gemalto, Paynear ONE Solutions, Mahindra Comviva, Infineon Technologies Ag. The
key companies are expected to enter into various business strategies in order
to enlarge the business portfolio and to mark their large presence in global
market.
Based on solution type, pay card reader market
is segmented into integrated card reader solutions and card reader accessories.
Based on technology, market is segmented into Europay MasterCard Visa (EMV
(point-of-sale (POS) terminal & chip-compatible cards)) Chip, QR codes and,
near field communication (NFC) technology. EMV technology is used for smart
card payments, automated teller machines, and at other payment terminals. NFC
technology is defined as a short-range wireless connectivity standard which
includes chip & sign, magnetic strip and biometrics. In addition, based on application, market is
segmented into healthcare, retail, restaurant, warehouse/distribution,
transportation & entertainment, government & consumer utility services
etc. The healthcare industry is facing several challenges for instance
insurance reimbursement, growth in presence of data breaches and increase in
patient responsibility.
The pay card reader market is driven by rise
in penetration of tablets & smart-phones across globe, followed by
transformation in the payment mode from cash & cheque to electronic mobile
payments, expansion in number of small scale, medium sized and large ventures,
rise in awareness about technology, increase in use of electronic mobile
payment, rise in popularity of pay card reader devices, and increase in
government initiatives. However, information transferred from the pay card
reader to mobile device goes unencrypted is estimated to hinder the market
during the forecast period. Moreover, mass transition from magnetic strip
technology to micro-controller smart cards is a key opportunity for market.
Based on geography, the North-American region
holds major share, followed by European region in pay card reader market owing
to presence of major technology players and high rate of cybercrimes in the
region. Additionally, region has a well-established infrastructure, which
allows elevated penetration of devices & ultimately provides better
connectivity. The Asian-Pacific region is expected to witness higher growth
rate due to rapid urbanization and increase in disposable income over the
forecast period. It is anticipated that the market will be reached at raid pace
on account of rise in demand to revolutionize contactless payment system over
the forecast period.
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