Contactless Readers Market: Introduction
- Contactless Readers means reading information from specific distance without connecting two devices physically. Contactless transactions are powered by either radio frequency identification (RFID) or near-field communication (NFC) technology.
- Contactless transfer of information is achieved through wireless technology, also known as radio frequency identification (RFID) or NFC, via a microchip incorporated in the card. Subsequently, the reader reads the information and communicates with relevant servers or databases. The information that is transferred is encrypted securely.
- Contactless readers have been implemented majorly in payment systems and access controlled systems. These contactless readers make the sharing of information easier, faster, and validating it securely.
Rise in Demand for Enhanced Security and Increased Convenience
- The ease of function with faster speed is a major factor driving the demand for contactless readers. The transaction or access is granted with a tap or wave of the card. When the chip comes in proximity of the reader the information is shared automatically. This reduces human effort and enhances security.
- Development in wireless communication is also projected to boost the contactless readers market
- Increase in urbanization and smart technologies, rise in industrial automation, and development of smart cities are also estimated to boost the market for contactless reader.
- Several handset manufacturers are also trying to set NFC into the handsets, which in turn is also anticipated to propel the contactless card readers market.
Asia Pacific to Hold Prominent Share of Global Market
- The market in Asia Pacific is estimated to expand at a notable pace during the forecast period. Extensive digitization in various sectors such as industrial automation, digitization of payments, digitization in government sector and automatic toll booths are estimated to boost the global market share held by the region at a rapid pace.
- Europe and North America held prominent share of the global contactless reader market. Several places are adopting contacts less payments; contactless access is being implemented and advancements in wireless technology such as 5G are projected to propel the demand for contactless readers in these regions.
- South America and Middle East & Africa are also likely to boost their share in the global contactless reader market, as many players are focusing on these regions
Key Players in Contactless Readers Market
Numerous key players operating in the global contactless reader market offering various type of products, software, and implementing innovative ideas.
Key players include:
- Square
- Shopify
- PayAnywhere
- PayPal Here
- Advanced Card Systems
- SumUp
- Honeywell
- Ingenico
- Magtek
- Verifone
Global Contactless Readers Market Scope
Global Contactless Readers Market, by Type
- Fixed Contactless Readers
- Mobile Contactless Readers
Global Contactless Readers Market, by Application
- ATM
- Kiosk
- POS
- Aces Systems
- Other
Global Contactless Readers Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- U.K.
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
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