Report Code: A12935 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Banking And Payment Smart Cards Market
Request Now !A smart card is a physical card with an integrated chip that serves as a security token that is usually same size as a driver's license or credit card and are available in metal or plastic body. Furthermore, a smartcard is connected with a reader either through direct physical contact or via a short-range wireless connectivity standard such as radio-frequency identification (RFID) or near-field communication (NFC).
In addition, a payment card is electronically linked to the cardholder's account. These accounts can be deposit accounts, loan or credit accounts, and the card is used to verify the cardholder's identity for payment purpose. The growing demand for digital payments & smart cards is expected to rise in the near future.
The global banking and payment smart cards market is segmented on the basis of solution, industry, payment mode, and region. Based on solution, the market is segregated into contactless mobile payment solution, payment terminal solution, device management solution, security & fraud management, transaction & data management, and others. In terms of industry, the market is categorized into banks, hospitality, BFSI, retail, government, and others. On the basis of payment mode, the market is divided into smart cards, mobile handsets, NFC chips, and others. Geographically, the banking and payment smart cards market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global banking and payment smart cards industry include Watchdata Co., Thales Group, Giesecke, IDEMIA (Morpho), American Express, Arm Limited, Rambus, CardLogix Corporation, Entrust Corporation, and Mastercard. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global banking and payment smart cards market.
Top Impacting Factors
High demand for advanced access control solutions, speed, and convenience for users is driving the growth of the banking and payment smart cards market. However, insecure perception toward technology wipes out the cash balance due to memory failure, which is expected to hamper the growth of the market. Contrarily, modernized transportation payment structure is expected to provide significant growth and can be seen as an opportunity for the market.
High Demand For Advanced Access of Payment Solutions
Employees are being issued these smart payment cards by corporate organizations in the region to provide better and automated payment system. The regional market trends are being driven by an increase in the number of offices adopting digital payment card for employees. Similarly, smart payment cards are being used in the transportation industry to improve the travel experience of employees, and high demand for advanced access of payment solutions is one of driver for banking and payment smart cards market.
Modernized Transportation Sector
Governments are planning for national highways and invest in railway infrastructure development projects that are supported by investor-friendly regulations. To improve passenger convenience and streamline operations, governments are also working on introducing automated fare collecting, ticketing, and access control systems at transportation terminals.
For instance, NEC Corporation has deployed an automated fare collection system (AFCS) in two cities in Gujarat, India. Both cities have implemented smart card automated collection systems for transportation systems that are compliant with RuPay, a payment service developed by the National Payments Corporation of India (NPCI).
Key Benefits of the Report
COVID-19 Scenario Analysis
Questions Answered in the Banking and Payment Smart Cards Market Research Report
Banking and Payment Smart Cards Market Report Highlights
Aspects | Details |
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By Solution |
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By Industry |
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By Payment Mode |
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By Region |
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Key Market Players | Giesecke, IDEMIA (Morpho), Rambus, CardLogix Corporation, American Express, Watchdata Co., Arm Limited, Entrust Corporation, Mastercard, Thales Group |
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