The Asia Pacific mobile card reader market is expected to witness high growth in the coming years. The presence of a large number of semiconductor and resistor manufacturing companies coupled with the easy availability of raw materials in the region is expected to drive the market growth. Moreover, the rise in government initiatives for digitization and shift toward cashless economy in countries including India, China, Japan, and Indonesia will provide lucrative opportunities for market growth. the presence of leading giants, such as Alipay, WeChat Pay, and Tenpay, in China will help to improve online payment methods in the country. Similarly, in India, the effect of demonetization has provided sharp growth to the digital payments industry.
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The increased demand for the device across end-use industries, such as retail and hospitality, is expected to boost the mobile card reader market growth. These devices offer several benefits to businesses, such as inventory control, online store, analytics, invoicing, and customer directory, enhancing the payment processing and consumer experience. The transactions are done based on the plastic currency with the help of these readers, resulting in increased cost-effectiveness and efficiency for both vendors and customers. Retail and wholesale stores are highly adopting these readers as they are cheaper, portable, and easy to carry
Moreover, the companies are investing in providing various schemes to expand their business and customer base in the market. For instance, PayPal Holdings, Inc., an online payments company, is offering free card readers for low-volume businesses, allowing them to easily manage inventory and expand customers.
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Low operating costs and easy-to-use techniques have led to the increased use of these devices in the retail industry. Benefits, such as mobility, personalized service, quick checkout, and multiple pay options, have led retailers to adopt these readers in their shops, driving the mobile card reader market. These devices enhance the customer experience by reducing wait times and long queues at the checkout counter. The installation of the solutions also reduces the transaction processing time, allowing customers to have an easy and convenient shopping experience. Several companies are focusing on introducing these devices specific to retail industries.
The key players in the mobile card reader market include Tappr, Clover Network, Electronic Merchant Systems, SumUp Inc., Paypal Inc, Intuit Inc, Square Inc., First Data Corporation, Ezetap Mobile Solutions Pvt. Ltd, Intuit Inc, Total System Services Inc, iZettle, JUSP, mSwipe, and PayAnywhere. These companies are focusing on investing in various techniques to maintain their market presence and compete with other manufacturers. Companies are entering into various partnerships, mergers & acquisitions, and collaborations to increase their customer reach in the market.
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