According to the 2016 mobile card reader market report, the high numbers of MSMEs that are currently using cash-only transaction processes are the major target customers for vendors. These small businesses are reluctant to accept cards because of the numerous banking procedures involved, multiple fees charged by banks, and complex transaction process involving multiple devices. However, with the availability of mobile card readers, MSMEs have found a low-cost alternative to traditional PoS terminals. The market for mobile card readers is currently in its nascent stage and the adoption rate of mobile card readers by MSMEs is low.
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The global mobile card reader market analyst said earlier, card issuers were liable for credit card fraud whereas retailers were mostly exempt from it. However, in the US since October 1, 2015, this liability shifted to retailers in case they fail to adopt chip-and-pin technology. Payment networks implement this policy with EMV in order to reduce fraud. Card fraud is most prevalent in the US where most cards are still processed using magnetic stripe. These magnetic stripe cards can be counterfeited and are more prone to fraud compared to chip cards. This policy is expected to influence the mobile card reader market positively.
The increasing adoption of contactless payment systems will drive the prospects for growth in mobile card reader market. Contactless payment systems are gaining traction in the market as it makes use of the near-field communication (NFC) chip technology present in the transmitter and readers. The cards issued by Visa and MasterCard have a symbol that is unique to contactless payments. These cards can be placed near a contactless reader, which will then accept the payment within a few seconds. The demand for such cards will increase continually as it reduces the waiting time and also benefits the merchants. Order a copy of Global Mobile Card Reader Market 2016-2020 report @ http://www.reportsnreports.com/Purchase.aspx?name=533926.
Technological Segmentation and Analysis of the Mobile Card Reader Market – NFC, Magnetic strips and Chip and pin
The chip and pin technology segment will account for an impressive market share of more than 72% by 2020 and will be the largest market segment during the forecast period. The ability of this technology to drastically reduce the incidents of frauds and identity thefts will lead to its augmented adoption during the estimated period.
The Americas will be the largest market for mobile card readers during the forecast period and will account for more than 53% of the overall market share by 2020. The presence of major market leaders like Square, PayPal, PayAnywhere, and Verifone in the US is a critical factor that will spur the prospects for market growth in this region. Also, factor such as the increasing acquisition of new mobile card readers by vendors and the upgradation of existing POS terminals to mobile card readers will also aid in the growth of the market in the Americas.
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The global mobile card reader market is still in its nascent stage and is characterized by the presence of a few well-established providers. The market has substantial growth potential, as a result of which, vendors are likely to experience high growth over the next few years.
Key players in the global mobile card reader market: Electronic Merchant Systems (ems+), eWAY, EzeTap, Ingenico, Jusp, LifePay, Mswipe, PayAnywhere, Payleven, PayPal, Square, SumUp, and Verifone.
Further, the mobile card reader market report states that reaching out to MSMEs in remote locations, convincing them to use mobile card readers, and educating them about the potential benefits of them are some of the common problems faced by the vendors.
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