About Banking and Payment Smart Cards
Smart Cards are the pocket size cards which can be embedded with an integrated circuit. Also called a chip card, an integrated circuit card(ICC). Additionally, in the banking and payment industry, smart cards acts will as electronic wallets. Furthermost, Smart card can be used as identification cards, authentication cards in schools, healthcare industries. Fueling growth in cashless transactions will boost the global banking and payment smart cards market. The banking industry needed highly secure verification and authentication technology which can provide by the smart cards system.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 9.0% |
Banking and Payment Smart Cards is a fragmented market due to the presence of several regional and international players. The players are focusing on planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Banking and Payment Smart Cards market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Morpho (Fance), Oberthur Technologies (France), American Express (United States), MasterCard (United States), Visa (United States), DataCard (United States), CPI Card Group Inc. (United States), CardLogix Corporation (United States), Giesecke & Devrient GmbH (Germany) and Infineon Technologies (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Rambus Inc.(United States), STMicroelectronics NV (Netherlands), Ingenico Group SA (France), VeriFone Systems, Inc. (United States) and Gemalto N.V. (Netherlands).
Segmentation Overview
AMA Research has segmented the market of Global Banking and Payment Smart Cards market by Type (Contact-based Smart Cards and Contactless Smart Cards), Application (Financial Applications, Communications Applications, Government Programs, Information Security, Physical Access Control, Transportation, Retail and Loyalty, Healthcare and Student Identification) and Region.
On the basis of geography, the market of Banking and Payment Smart Cards has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Component, the sub-segment i.e. Hardware will boost the Banking and Payment Smart Cards market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of technology such as Ru pay, Visa, and MasterCard, Fueling Demand High-end SIM with LTE Providers as well as NFC-Enabled Devices and Increasing Demand of NFC Products
Market Growth Drivers:
Fueling Growth in Cashless Transactions, Increasing Use of Technology for Secure Payments and Rising Demand of Mobile Phones in Developing Countries
Challenges:
High Deployment and Maintenance Cost
Restraints:
Lack of Trust in Electronic Payments Due to Fraud and Misuse, Deficiency in Awareness and People From Rural Areas are Not Able to Do Payment
Opportunities:
High Demand due to Acceptance of Smart Cards for Business Strategies
Market Leaders and their expansionary development strategies
In January 2023, Mastercard and Citizens financial group announced exclusive payments partnership. The services provider in the U.S. With shared values and vision, Citizens and Mastercard are united in the goal to provide access, inclusion and innovation to the communities they serve.
In August 2022, American Express launched digital, cross border payment solution for U.S small businesses. U.S. businesses to securely to make domestic and international business-to-business (B2B) payments.
Key Target Audience
Smart Card Manufacturer / Potential Investors, Smart Card Traders, Distributors, Wholesalers, Retailers, Government Bodies, Government and other Research Organisations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.