The Banking and Payment Smart Card market is expected to register a CAGR of 7.1% in 2023–2031. Mobile wallet integration and eco-friendly smart cards are likely to remain key Banking and Payment Smart Card market trends.
The popularity of contactless payment cards has grown dramatically in recent years all around the world. Smart cards are small, light, and convenient, and they support a variety of uses in addition to credit and debit payments. They can be configured as contact, contactless, or dual-interface cards. These multi-application cards are exceptionally safe because of their integrated chip, compliance with international EMVCo standards, and data encryption.
Banks and credit card companies have also been promoting the usage of contactless smart cards, and the COVID-19 pandemic has only aided their efforts. By mid-2021, Visa had 93 million contactless smart cards in circulation. Smart cards have emerged as a key payment channel, providing an alternative to existing payment methods such as ACH and EDI payments. With the increase in digital transactions, the demand for safe payment methods has encouraged the development of smart cards equipped with EMV chips and encryption technology.
The global trend toward a more convenient and seamless payment experience has fueled the growth of contactless payments. Consumers are embracing the convenience and speed of tapping their cards or using mobile payment apps to complete transactions as technology advances. Contactless payments make it easier and faster to conduct transactions. Customers admire how easy it is to make transactions by simply tapping their card or phone, eliminating the need for physical interaction or the difficulty of entering a PIN. In recent years, contactless payments have achieved widespread acceptability. More businesses, including shops, restaurants, and transit providers, have integrated contactless payment terminals, making it easier for customers to use this payment method across a wide range of industries. This has been driving the demand for banking payment smart cards in the market.
Contactless payments use robust security safeguards to protect consumer data. Technologies such as tokenization and encryption ensure that sensitive data is transferred securely during transactions, reducing the chance of fraud and unauthorized access. Biometric technologies, such as fingerprint or facial recognition, are increasingly being integrated into smart cards to improve security and consumer convenience.
Key segments that contributed to the derivation of the Banking and Payment Smart Card market analysis are type and end user.
The geographic scope of the Banking and Payment Smart Card Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Banking and Payment Smart Card market. Rapid developments in payment technology in North America countries are driving the demand for banking and payment smart cards in the region. The Banking and Payment Smart Card market is undergoing substantial development in North America, which can be attributed to the rapid digital transformation in the BFSI sector's large consumer base.
The Banking and Payment Smart Card market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for banking and payment smart cards and strategies:
The “Banking and Payment Smart Card Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ XX million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2025 - 2031) | XX% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The List of Companies
1. American Express Company
2. Atmel Corporation
3. CardLogix Corporation
4. Giesecke+Devrient GmbH
5. HID Global Corporation
6. IDenticard Systems
7. Infineon Technologies AG
8. Mastercard
9. Thales Group
10. Visa Inc.
The global banking and payment smart card market is expected to grow at a CAGR of 7.1% during the forecast period 2023 - 2031.
Growing demand for contactless payments and digital transformation and mobile payments are the major factors that propel the global banking and payment smart card market growth.
Biometric Authentication and mobile wallet integration are anticipated to bring new banking and payment smart card market trends in the coming years.
The key players holding majority shares in the global Banking and Payment Smart Card market are CardLogix Corporation, Entrust Corporation, Arm Limited, and Giesecke.
In terms of revenue, the contact smart cards held the major market share in 2023.