Allied Market Research

2024

Banking And Payment Smart Cards Market

Banking and Payment Smart Cards Market Size, Share, Competitive Landscape and Trend Analysis Report, by Solution, by Industry and, by Payment Mode : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : Financial Services

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Author's: | Onkar Sumant
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Banking and Payment Smart Cards Market Outlook – 2030

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

  • This study presents analytical depiction of the banking and payment smart cards market forecast along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the banking and payment smart cards market growth scenario.            
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed banking and payment smart cards market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

  • The COVID-19 outbreak has a significant impact on the financial sector globally. Due to increase in the number of COVID-19 cases, businesses and manufacturing units in various countries have been closed and are expected to remain closed in 2021. Additionally, partial or total lockdown has disrupted the economy such as increase in unemployment, making it difficult for repayment by customers. The overall financial sector has suffered from the consequences.
  • Moreover, the impact of this outbreak is growing tremendously and is affecting global business. The crisis is causing stock market uncertainty, drop in business confidence, massive slowdown in the financial sector, and increase in panic among bank lender for repayment of loan.

Questions Answered in the Banking and Payment Smart Cards Market Research Report

  • Which are the leading players active in the banking and payment smart cards market share?
  • What are the detailed impacts of COVID-19 on the banking and payment smart cards market size?
  • How current banking and payment smart cards market trends will influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are projections for the future that would help in taking further strategic steps?

Banking and Payment Smart Cards Market Report Highlights

Aspects Details
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By Solution
  • Contactless Mobile Payment Solution
  • Payment Terminal Solution
  • Device Management Solution
  • Security and Fraud Management
  • Transaction & Data Management
  • Others
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By Industry
  • Banks
  • Hospitality
  • BFSI
  • Retail
  • Government
  • Others
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By Payment Mode
  • Smart Cards
  • Mobile Handsets
  • NFC Chips
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Mastercard, Thales Group, American Express, Giesecke, IDEMIA (Morpho), Entrust Corporation, Watchdata Co., Arm Limited, Rambus, CardLogix Corporation

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Banking and Payment Smart Cards Market

Global Opportunity Analysis and Industry Forecast, 2023-2032