Report Code: A15121 | Pages: NA | Mar 2023 | 922 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electronic Purse Card Market
Request Now !An electronic purse is a card that stores value and can be used to pay for travel or other small-scale transactions in a similar way to cash. The secure information stored in a dedicated area or file on the smart-card is the electronic "purse." The two main objectives of electronic purse cards are to replace cash in the public transportation payment system, either to transition away from a primarily cash-based system or as a replacement for residual cash payments in a mostly pre-paid system. The other objective is to maintain the single tariff as the primary fare product, wherein this could serve as an alternative to or replacement for timed tickets. Therefore, the surge in demand for the electronic purse card is expected to boost the growth of the market in the upcoming years.
The global electronic purse card market is segmented on the basis of type, application, end-user and region. Based on type, the market is divided into tokens, transport money, transport & micro-purchases and E-cash. In terms of application, the market is categorized into general purpose re-loadable card, government benefit/disbursement card, payroll card and others. On the basis of end user the market is divided into retail establishments, corporate institutions, government, financial institutions and others. Geographically, the 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 electronic purse card industry include CardLogix Corporation, Watchdata, Thales, Giesecke & Devrient GmbH, HID Global Corporation, Eastcompeace Technology Co. Ltd, NXP Semiconductors, IDEMIA, ABCorp and CPI Card Group Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global electronic purse card market.
COVID-19 Impact Analysis
Top Impacting Factors
Rise in demand for electronic purse card payments and government initiatives for accelerating digital payments across the globe are expected to drive the growth of the market. In addition, growing deployment in personal identification and access control application propel the market growth. However, lack of awareness and trust related to electronic purse card payments might hamper the the market. On the contrary, the rising penetration of internet across various economies can be perceived as an opportunity for the electronic purse card market in the forecasted period.Â
Rise in Demand for Electronic Purse Card Payments
Electronic purse card payments help to reduce customer queues and hassles, which in turn, provides better results in the form of higher revenue for retailers. It is well known that electronic purse card transactions are much faster than both cash and conventional card transactions, which drives the growth of the market. Furthermore, the adoption of electronic purse cards is rapidly increasing across the globe as the transaction process is comparatively simple and easy, which enhances the growth of the market. Furthermore, consumers across the globe can enjoy the ease, speed, and comfortability of electronic purse card payments for small and frequent transactions. Therefore, the rising demand for electronic purse card payments is expected to substantially increase the growth of the electronic purse card market during the forecast period.
Growing Government Initiatives for Accelerating Digital Payments Across the Globe
Various governments have introduced different initiatives to promote and accelerate electronic purse card transactions since COVID-19 has taken place, to make it accessible for everyone, thereby driving the growth of the market. In addition, governments across developing nations have come up with various initiatives to curb the usage of cash, which resulted in increased transactions through electronic purse card payments. Various discounts are given to encourage electronic purse card payments by allowing customers to make payments through low-cost payment modes. Such factors have contributed to the rapid growth of the market andare expected to drive the growth of the electronic purse card payment during the forecasted period.
Key Benefits of the Report
Questions Answered in the Electronic Purse Card Market Research Report
Electronic Purse Card Market Report Highlights
Aspects | Details |
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By Type |
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By Application |
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By End-User |
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By Region |
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Key Market Players | CardLogix Corporation, Watchdata, Thales, Giesecke & Devrient GmbH, HID Global Corporation, Eastcompeace Technology Co. Ltd, NXP Semiconductors, IDEMIA, ABCorp, CPI Card Group Inc. |
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