Bus Card Reader Market Trends, Analysis & Forecast, 2019 – 2025

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Bus Card Reader Market Size will witness a rapid
growth to 2025
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Key Insights Bus Card Reader Market

• Bus Card Reader Market size should witness a
  significant growth during the forecast time
  period with rising adoption of electronic payment
  methods in the transportation business. Cashless
  transactions provide a secure and reliable
  payment option to travelers in several
  transportation facilities. The ease of accessing
  data from electronic identification cards and
  debit credit cards will increase the adoption
  of readers in the transportation sector. The high
  demand for these cards among millennials to avoid
  the hassle of carrying cash is being witnessed.
• The rise in urbanization has led to increased
  adoption of readers in public transport services.
  Transportation service providers are implementing
  modern solutions for enhancing security,
  reliability, and customer care. The adoption of
  card readers in public transportation allows
  customers to select the destination and use the
  card reader for payment on buses. They offer
  businesses and individuals secure and more
  convenient payment options, resulting in its high
  demand.

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Continued

• Slow technological adoption in several countries
  is hindering the bus card reader market growth.
  Several countries are lacking in transport and
  economic development and are not adopting modern
  solutions to develop their transport facilities.
  For instance, in March 2019, Bangkok Mass Transit
  Authority (BMTA), terminated the installation of
  e-ticket readers in buses due to its
  unreliability in fares. Additionally, technical
  challenges faced by businesses in shifting to
  smart cards and the risk of losing contactless
  cards may hinder market growth.

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Market research reports Key analytical components

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Major Companies in Bus Card Reader Market

• MagTek Inc
• Advanced Card Systems Ltd
• VeriFone Holdings Inc
• Cardlan Group
• Shenzhen Rakinda Technology Co.Ltd
• Postech
• Shenzhen HCC Technology Co

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Regional Insights Bus Card Reader Market

The Asia Pacific bus card reader market will
witness considerable growth over the coming
years. The region is a manufacturing base for
several market players that are focusing on the
development and adoption of various solutions.
Countries including Singapore, Indonesia, China,
and India are rapidly adopting digitization
scheme, positively impacting the demand for these
readers. For instance, in November 2016, the
government of India launched the demonetization
initiative, which led to the digital currency
adoption. Owing to the initiative, several
customers/clients have adopted cashless
transactions as a medium of payment. This
initiative is anticipated to drive the adoption
of card readers in the country. Moreover, these
countries are focusing on the development of
transportation infrastructure and are reducing
the fares for public transport, resulting in the
large-scale adoption of the transport medium.
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