Mobile Card Reader Global Market Report 2024

The mobile card reader market size has grown exponentially in recent years. It will grow from $12.47 billion in 2023 to $15.07 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The expansion witnessed in the historical period can be credited to the growth of e-commerce, the surge in mobile payments, increased adoption by small businesses, regulatory backing for card security, elevated consumer expectations, and the emergence of contactless payments.

The mobile card reader market size is expected to see exponential growth in the next few years. It will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The anticipated growth in the forecast period can be associated with the integration of mobile wallets, the increase in adoption by micro-merchants and SMEs, a heightened focus on security features, the global expansion of cashless payments, and the integration of value-added services. Key trends expected during this forecast period encompass improved user experience, broader compatibility, the adoption of subscription-based models, integration with point-of-sale (POS) systems, and enhanced utilization of data analytics.

The mobile card reader market is expected to experience growth propelled by the increasing adoption of smartphones for digital payments. Smartphones, which are internet-connected mobile devices with software similar to that of laptops, are facilitating digital payments where money is exchanged electronically. The integration of physical card features into smartphone functionalities is advancing the landscape of card payments. This shift is creating a demand for mobile card readers, particularly in retail settings, to enhance shopping experiences. Notably, FIS Global reported in April 2022 that mobile wallet usage increased by over 21% year-on-year in 2021, accounting for 28.6% of all point-of-sale transactions globally, surpassing US$13.3 trillion. Consequently, the growing adoption of smartphones for digital payments is a driving force behind the demand for the mobile card reader market.

The increasing demand for contactless payments is expected to drive the growth of the mobile card reader market. Contactless payments involve transactions made by tapping or waving a card, mobile device, or wearable near a compatible payment terminal, eliminating the need for physical contact or insertion. Mobile card readers, equipped with technologies such as Near Field Communication (NFC), are meeting the rising consumer preference for contactless transactions. These devices enable swift and secure payments, aligning with the heightened spending limits associated with contactless methods. According to UK Finance in August 2022, contactless payments in the UK surged by 36% in 2021 compared to 2020, totaling 13.1 billion payments, constituting nearly one-third (32%) of all payments during the year. Therefore, the escalating demand for contactless payments is a catalyst for the growth of the mobile card reader market.

Technological innovation emerges as a prominent trend in the mobile card reader market, with major players focusing on launching innovative products to strengthen their market position. For instance, Revolut, a UK-based financial technology company, introduced the Revolut Reader in July 2022, a compact card reader with instant contactless payment options via debit and credit cards. This card is adaptable to other existing point-of-sale systems, including an SDK/API solution, providing flexibility to larger merchants.

Major companies in the mobile card reader market are developing new products, such as NFC-integrated card readers, to gain a competitive advantage. NFC, or Near Field Communication, is a short-range wireless technology enabling communication and data exchange between devices in close proximity. Nidec Corporation, a Japan-based electric motors company, launched an NFC-integrated card reader in May 2023. This reader addresses space constraints within terminal chassis, reading magnetic data on conventional cards and contact-type IC cards while also being equipped with NFC for communication with contactless IC cards, mobile phones, and RFID tags. The NFC-integrated card reader, certified according to the EMV standard for credit card transactions, is anticipated to find applications in various settings, including GAS-POS terminals and kiosk checkout devices.

In October 2021, Sumup, a UK-based company specializing in mobile card readers, acquired Fivestars for $317 million. This strategic acquisition expands Sumup's mobile reader portfolio in the USA, allowing merchants to establish rewards schemes and promotions for customers. Fivestars, a US-based company in the mobile card reader sector, contributes to Sumup's growth and market presence.

Major companies operating in the mobile card reader market report 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., Block Inc., Clover Go, Dorma India Pvt. Ltd., Shopify, Hid Global India Pvt. Ltd., Western Digital Technologies Inc., Intuit Real Estate Solutions, Shopify Inc., PayPal Holdings Inc., Zettle by PayPal, PaySimple Inc., CardFlight Inc., Clover Network Inc., Ehopper Services Inc., Poynt Co., First Data Corporation, Worldpay Inc., Adyen N.V. provides payment solutions, Global Payments Inc., Elavon Inc., Total System Services Inc.

North America was the largest region in the mobile card reader market in 2023. The regions covered in the mobile card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile card reader market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mobile card readers come in two primary types, hardware and software. Hardware denotes devices capable of reading and writing data storage, such as memory cards or memory sticks. Various technologies, including chip and pin, magnetic stripe, and near field communication (NFC), are employed in both on-premises and cloud settings. These readers find applications across diverse sectors such as entertainment, retail, healthcare, hospitality, restaurants, warehouses, and others.

The mobile card reader market research report is one of a series of new reports that provides mobile card reader market statistics, including mobile card reader industry global market size, regional shares, competitors with a mobile card reader market share, detailed mobile card reader market segments, market trends and opportunities, and any further data you may need to thrive in the mobile card reader industry. This mobile card reader market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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