The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, June 15, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Mobile Card Reader Market Report 2023, the market will grow from $10.3 billion in 2022 to $12.4 billion in 2023, with a compound annual growth rate (CAGR) of more than 21%. Further, the market will reach $26.7 billion in 2027, with a CAGR of 21%. North America held the largest mobile card reader market share in 2022.

One of the key drivers for the growth of the mobile card reader industry is the increasing adoption of smartphones for digital payments. Smartphones, which provide internet connectivity and software similar to laptops, enable transactions without physical money exchange. This trend has led to the integration of physical card features with smartphone functions, driving the demand for mobile card readers in retail settings.

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Major mobile card reader companies are Electronic Merchant Systems Inc., Ezetap Mobile Solutions Private Limited, Ingenico Group, LifePay ZAO, Mswipe Technologies Pvt. Ltd., Miura Systems Limited, PayAnywhere LLC, Payleven Holding GmbH, PayPal Holdings Inc., Square, SumUp, Verifone Inc., eWAY, Stripe Inc., and Advanced Card Systems Ltd.

Technological innovation is a key trend within the mobile card reader market. Key players are focusing on introducing innovative products to strengthen their market position.

For example, in July 2022, Revolut, a UK-based financial technology company, launched the Revolut Reader, a compact card reader with unique features such as instant contactless payment options via debit and credit cards. This card is compatible with existing POS systems, including an SDK/API solution, offering flexibility to larger merchants.

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The global mobile card reader market is segmented as-

1) By Solution: Hardware, Software

2) By Technology: Chip And Pin, Magnetic Stripe, Near Field Communication (NFC)

3) By Deployment: On-Premises, Cloud

4) By Application: Entertainment, Retail, Healthcare, Hospitality, Restaurants, Warehouse, Other Applications

The mobile card reader market report provides a complete analysis of the market, highlighting its projected growth, key trends, and major players. The report emphasizes the significant role played by the rising adoption of smartphones for digital payments in driving the demand for mobile card readers. This report serves as a valuable resource for industry stakeholders, including market participants, investors, researchers, and policymakers. It provides crucial insights into the market's growth potential, emerging trends, and competitive landscape. The findings of this report can guide strategic decision-making, investment planning, and market entry strategies.

Mobile Card Reader Global Market Report 2023 by The Business Research Company provides insights on the mobile card reader market size, mobile card reader market segments, mobile card reader market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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