Global Banking and Payment Smartcards Market to Grow at a CAGR of 10.4% during 2015
Smartcards are specially designed pocket-sized plastic cards with an IC. They are mainly used for identification, authentication, data storage, and application processing. In the Banking and Payment industry, smartcards are used as credit/debit cards, fuel cards, authentication cards for payments, high security identification cards, and access control cards. They can also be used as electronic wallets. It is carried out by loading the smartcard with funds that can be transferred to a vending machine or a merchant’s account with the help of cryptographic protocols.
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The latest report emphasizes the increased adoption of near field communication (NFC) payments. NFC-enabled devices can operate in read/write, peer-to-peer or card emulation mode. For contactless mobile payments, an NFC-enabled mobile device operates in card emulation mode and it appears as a contactless smart card to the external card reader.
“Increased adoption of NFC-based payments will fuel the growth of the Global Banking and Payment Smart Cards Market,”
The report also highlights the increasing adoption of smart cards in North America. Despite being a developed region, the use of smart cards in North America is currently very low because of the late deployment of the technology in the region, and low adoption in the introduction stage.
“The North American segment of the market is expected to grow quickly during the forecast period, which will lead to increase revenue in the Global Banking and Payment Smart Cards Market,”
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Banking and Payment Smart Card market for the period 2015-2019. To calculate the market size, the report considers revenue generated from the sales of smartcards, which includes the following:
The report consolidates the revenues generated from the following major geographies: