INDIA: Smart cards have emerged as a viable and safe option for end users to prevent fraudulent transactions; as a result, their use in financial and retail sectors will increase significantly. 

RNCOS in its new research report “Global Smart Card Market Outlook” says that the financial/retail sector is expected to continue to represent the largest application area for the global smart card industry. And the shipment of smart cards in financial/retail/loyalty is estimated to increase by 15 percent in the current year.

According to the report, the rising applications of smart cards in diverse sectors are due to the high security they provide. Consequently, smart cards are being widely used in financial applications such as payment cards and ATM or banking cards.

With robust growth in the global financial market, particularly in the Asia-Pacific region, the opportunities for the global smart card industry have increased tremendously, says the report. Rising number of fraudulent cases has highlighted the risks associated with using magnetic strip cards for transactions. Moreover, the growth opportunities for smart cards have further increased by the decision taken by Visa and MasterCard to use Europay, MasterCard and Visa (EMV) specification worldwide.

Besides, the banking sector represents an area of tremendous opportunities for smart card industry because its functionalities, such as value-added services and enhanced consumer benefits, have made smart card viable and the safest option for end users. Thus, the demand for smart cards is expected to grow at an unprecedented rate.

“Global Smart Card Market Outlook” provides in-depth and comprehensive information on the growing marketplace for smart cards at the global and national level. It contains thorough analysis along with statistical data on the present market trends, emerging markets and future growth prospects for the smart card industry.

Apart from this, the report contains statistical information on value, shipments and applications of smart cards at the global and national level that helps clients to identify critical opportunities for growth of the smart card industry. It helps clients to evaluate key factors driving growth in the industry and future avenues. The study also provides forecast on the number of mobile subscribers and smart card shipment by region.