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EMV Smart Cards Market Expected to Reach $14 Billion by 2031—Allied Market Research

 
2022
EMV Smart Cards Market

Report Code : A14987

quote The COVID-19 pandemic has positively impacted the EMV smart card payments market, owing to rise in preference for contactless and safer payment options. In addition, the technological advancements in EMV smart cards are expected to boost the growth of the market in the future. quote

Kanhaiya Kathoke - Research Analyst
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “EMV Smart Cards Market," The emv smart cards market was valued at $5.8 billion in 2021, and is estimated to reach $14 billion by 2031, growing at a CAGR of 9.7% from 2022 to 2031.

Smart EMV chip card technology can store a bulk amount of data as compared to magnetic stripe credit cards. These credit cards can contain encrypted data owing to technology, which helps prevent in-store payment fraud. In addition, the information included in this encrypted data is dynamic, which means it can alter over time. Furthermore, compared to older card technology, EMV smart chip technology is intrinsically more secure. X2 smartcard must be dipped into or waved over a specialized chip reader at the point of sale in place of swiping a magnetic stripe that can be copied. Due to the difficulty of replicating these security chips, in-person purchases have substantially better fraud prevention.

Moreover, various key players in the market are trying to improve their product portfolio to stay competitive in the EMV smart cards market. For instance, in April 2022, the American Express company EMVCo announced EMV Contactless Kernel Specification work. This new specification, which created an industry standard for contactless kernels, is expected to make it easier for companies to accept contactless payments. In addition, the kernel, which is the basic operating system for payment terminals, makes it easier to implement tap to pay since it enables merchants' terminals to accept contactless payments from American Express Card Members without having to install a special American Express kernel.  

By brand, the Visa segment acquired a major share in EMV smart cards market. This is attributed to the fact that Visa cards provide an easy and secure way to pay every day. In addition, they provide various benefits to their customers, such as Visa’s Zero Liability Policy, which exempts the cardholder from liability for any fraudulent transactions made using the card. They are protected if their card is ever lost, stolen, or fraudulently used.

On the basis of region, Asia-Pacific dominated the EMV smart cards market size in 2021. This was due to the fact that increase in demand for EMV smart cards is attributed to the development of different industries such as hospitality, retail, and transportation.

To promote social distancing and prevent the spread of the pandemic, the usage of EMV smart cards increased to reduce physical contact between people, merchants, and health authorities during the pandemic. Furthermore, the adoption of contactless-capable point-of-sale devices boosted the growth of the EMV smart cards industry. In addition, financial institutions shifted from magnetic stripe card technology to microprocessor or memory chip card technology as a result of consumers' preferences. This eventually fueled the EMV smart cards market growth during the pandemic.       

Key Findings of the Study

  • On the basis of application, the food & groceries segment accounted for the highest EMV smart cards market share in terms of revenue in 2021.
  • According to type, the credit card segment is expected to exhibit the fastest growth rate in the EMV smart cards market trends.
  • On the basis of region, Asia-Pacific generated the highest revenue in EMV smart cards market in 2021.  

The key players operating in the EMV smart cards market analysis include American Express, CardLogix Corporation, CPI Card Group Inc., Equinox Payments, Giesecke + Devrient GmbH, HID Global Corporation, IDEMIA, Infineon Technologies AG, JPMorgan Chase & Co., NCR Corporation, Perfect Plastic Printing, Samsung, Thales, VeriFone, Versatile Card Technology Pvt. Ltd., Mastercard, and Visa Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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quote EMV Smart Cards Market by Type (Debit Card, Credit Card), by Brand (Visa, MasterCard, Others), by Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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