Overview
The pay-card reader market is anticipated to grow by US$73,057.27 million by 2023 rapidly growing at a CAGR of 43.63% during the forecast period. The global pay-card reader market is driven by rising adoption of tablets and smartphones as well as rising interest of consumers in pay cards. These factors have helped shape the pay-card reader market and are expected to boost the growth. Companies in the pay-card reader market could also face challenges such as availability of alternative contactless payment solutions and complex technologies. The details covered in the pay-card reader market report cover all the aspects of the industry. Analysts studying the pay-card reader market have also shared growth projections in the report and have suggested pay-card reader market players to plan business strategies accordingly.
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Market Segmentation
The global pay-card reader market has been segmented based on technology and application. On the basis of application, the market for pay-card reader is segmented based on entertainment, healthcare, hospitality, retail, transportation and consumer utility services. Additionally, the market on the basis of technology, is segmented into Near Field Communication Technology (Chip & Sign, Biometrics and Magnetic Strip) and QR Codes, Europay MasterCard Visa (EMV) Chip.
Factors like accelerated growth and adoption of digital payments as well as card payments support the pay-card reader market growth. The performance of the pay-card reader market has also been studied for the past and current years. Additionally, the pay-card reader market report provides analysis of these segments. The pay-card reader market segmental analysis provided in the report offers major details about the pay-card reader market based on the data and forecasts till 2023.
Regional Overview
Companies in the pay-card reader market are spread across the world. The pay-card reader market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American pay-card reader market has many companies across the United States, Canada, and Mexico. The pay-card reader market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the pay-card reader market can be found in the market research report. Europe has companies in the pay-card reader market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the pay-card reader market across India, China, and Japan in the Asia-Pacific region is also presented in the report.
Competitive Landscape
The pay-card reader market is supported by cashless transaction demand along with technological advancements. The population growth around the world and increasing demand of pay-card reader market based services and products also support the market growth. However, the pay-card reader market growth can be affected due to complex deployment and high cost of maintenance. The report covers all such details which will help companies in the pay-card reader market to strengthen their business plan and improve their product portfolio. The pay-card reader market research report also provides company profiles of major companies. The company profiles of many organizations operating in the pay-card reader market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the pay-card reader market. New companies and established businesses can plan their strategies based on this data provided in the pay-card reader market research report.
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Industry News
In an attempt to rival Apple’s credit card, Google has recently been working on creating its own physical and virtual debit card, the Google Pay. However, what is the main prize? In addition to point-of-sale purchasing on the chip reader, it is not expected that the Google Pay card would provide anything more than a virtual pay card or smartphone payroll offer. The physical card is also connected to a bank account and the Google Pay service is a banking program.
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