Banking and Payment Smart Card Market Forecast and Growth 2031

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.

Banking and Payment Smart Card Market Analysis

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.

Banking and Payment Smart Card Market Overview

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.

REGIONAL FRAMEWORK

Banking and Payment Smart Card Market Drivers and Opportunities

Rising Contactless Payments to Favor Market

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.

Enhanced Security – An Opportunity in Banking and Payment Smart Card

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.

Banking and Payment Smart Card Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Banking and Payment Smart Card market analysis are type and end user.

• Based on type, the Banking and Payment Smart Card market is divided into contact smart cards, contactless smart cards, dual-interface smart cards, memory chip-only smart cards, and microprocessor smart cards. The contact smart cards segment held a larger market share in 2023.
• By end user, the market is segmented into BFSI, IT & telecommunication, government, and transportation. The BFSI segment held the largest share of the market in 2023.

Banking and Payment Smart Card Market Share Analysis by Geography

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.

Banking and Payment Smart Card Market Report Analysis

Banking and Payment Smart Card Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• American Express Company
• Atmel Corporation
• CardLogix Corporation
• Giesecke+Devrient GmbH
• HID Global Corporation
• IDenticard Systems
• Infineon Technologies AG
• Mastercard
• Thales Group

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Type

• Contact Card
• Contactless Card

By Application

• Financial Transaction
• Physical Access Control
• Communication
• Government Programs
• Information Security
• Transportation
• Retail and Loyalty

MARKET PLAYERS

Banking and Payment Smart Card Market Report Scope

Banking and Payment Smart Card Market News and Recent Developments

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:

• Thales Group announced the SafeNet IDPrime FIDO Bio Smart Card, a security key that enables strong multi-factor authentication (MFA) for the enterprise. This new contactless smart card allows users to quickly and securely access enterprise devices, applications, and cloud services using a fingerprint instead of a password. The SafeNet IDPrime FIDO Bio Smart Card facilitates end-user adoption of passwordless MFA, allowing users to easily enroll and authenticate using biometrics. (Source: Thales Group, Press Release, 2023)

Banking and Payment Smart Card Market Report Coverage and Deliverables

The “Banking and Payment Smart Card Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles

Banking and Payment Smart Card Market Report Scope