Global Banking and Payment Smart Cards Market 2015-2019
About Banking and Payment Smartcards
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.
TechNavio's analysts forecast the Global Banking and Payment Smartcards market will grow at a CAGR of 10.4 percent over the period 2014-2019.
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:
TechNavio Announces the Publication of its Research Report – Global Banking and Payment Smart Cards Market 2015-2019
TechNavio recognizes the following companies as the key players in the Global Banking and Payment Smart Cards Market: Gemalto NV, Giesecke & Devrient GmbH, Morpho SA and Oberthur Technologies Ltd.
Other Prominent Vendors in the market are: American Express, ARM Holdings, Atmel, DataCard, Infineon Technologies, MasterCard and Visa.
Commenting on the report, an analyst from TechNavio’s team said: “The increased adoption of near field communication payments is one of the key trends emerging in the market. NFC payments are enabled with the help of smart cards that are attached to mobile devices. This enables secure monetary transactions for individual consumers.”
According to the report, the increased need for a tamper-resistant payment system is one of the major drivers in this market. Generally, cards are embedded with magnetic tapes that only store information about the end-user's account. This tape can be easily tampered with, which may lead to a monetary loss for the end-user. These cards are therefore being replaced with smart cards as they store all information in the form of a pin code that is difficult to decode.
Further, the report states that the high cost of deployment and replacement is one of the major challenges in the market. Geographies such as South America and the APAC region have limited vendor penetration and only a few local players. The limited vendor penetration has led to the market being controlled by a small set of vendors, which has resulted in high initial deployment and replacement costs because of low competition.
Gemalto, Giesecke & Devrient , Morpho , Oberthur Technologies, American Express, ARM Holdings, Atmel, DataCard, Infineon Technologies, MasterCard , Visa
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook