As per the report “Banking Smart Card Market By Type ( Contact, Contactless ), By Application ( EMV, Non-EMV ), Estimation & Forecast, 2017 – 2022” In 2016, the EMV segment generated the highest revenue share in the global banking smart card market. Among major regions, United States was the highest revenue generating market, holding nearly 30% of the market share, in 2016.
“Millenials are loyal and love to co-create products with the companies. They prefer cards that leverage value- added applications that broaden the cards reach. Millennial desire for products that help them reach their goals and aspirations, which in this market may translate into travel rewards, cash cards, and more.”
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EMV- a cornerstone in the future of payments security
EMV stands for Europay, Mastercard and VISA. Now a day the rising threat to consumer data has propelled the adoption of EMV technology, as it offers a safe way for users to carry out their transactions. Consumers want security and convenience and EMV has proven to be a strong pillar in reducing fraud. According to the data revealed by EMVCo, globally, 42.4% of all card-present transactions undertaken between June 2015 and June 2016 used EMV chip technology.
Contactless card segment to show a robust growth in the upcoming years, owing to the technological advancements
Contactless banking smart cards are used for contactless payments which require secure payment transactions, as they do not require physical contact between the payment devices. A contactless card requires close proximity to a card reader, as they communicate using radio frequencies. According to the UK Cards Association, in 2015, the number of contactless payments soared by 228% as compared to the previous year.
United States accounted for the largest market share for global banking smart card market, owing to the strong cashless transaction trend
United States held nearly 30% market share, in terms of revenue, of the global market. The U.S. being a developed country has adopted card based bank transactions since late 1990s. Billions of cards are being deployed in the U.S., mainly through the banking, and credit card industries. Europay, MasterCard and Visa (EMV)-compliant cards and equipment are widespread over the US consumer platform. In addition to this, people now have a tendency to prefer cashless transactions rather than cash transactions. As per a report, there are nearly 174 million credit card holders in the U.S.
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KEY FINDINGS OF GLOBAL BANKING SMART CARD MARKET, 2012-2022
- Developing nations such as South Korea and Taiwan are expected to offer humongous opportunities for the market growth in the upcoming years.
• Australia is a frontrunner in terms of contactless adoption, with over 60 percent of all debit transactions being contactless.
• Market players are focusing on mergers and acquisitions, in order to attain large share of the global market and become the market leader.
• United States led the global banking smart card market in 2016, in terms of revenue, by holding 30% of the total share.
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