Recent trends in the banking sector are changing the market and current industries. Such a trend includes banking and smart payment card as well. The smart card of banking and payment has introduced a new standard for the purchase of goods and services electronically. In addition, the arrival of new bank and payment cards have replaced the numbering systems in relief by the retention of the key in the integrated chip of the smart card. Therefore, it is expected that the bank and payment smart card market will have a significant growth during the forecast period.
Smart bank and payment cards They are plastic pocket cards (specially designed) with an IC. The bank and payment smart cards find their application in authentication and identification. Credit cards, debit cards and fuel cards are some of the forms of the bank and payment smart card market. In addition, the increase in the use by the customer of high security and access control identification cards offers a better opportunity for the banking market and smart payment cards.
In addition, the concept of electronic purse is expected to bring a boom in the market for smart and bank payment cards because they are easy to use. Therefore, the benefits of the bank and payment smart card are expected to give potential growth to the bank and payment smart card market during the forecast period.
The regional analysis for the banking and payment smart card market includes
- North American market
- Latin American market
- Rest of Latin America
- Western Europe market
- Rest of Western Europe
- East European Market
- Rest of Eastern Europe
- MAR and other APAC
- Australia and New Zealand (A & NZ)
- Rest of the SEA and other APAC.
- Middle East Market and Africa
- GCC countries
- North Africa
- South Africa
- Rest of mea
Smart card market in banking and payments: drivers and challenges
Some of the factors related to the smart card and bank payment market include an increase in the adoption of the NFC payment and the electronic wallet. In addition, the future need for tamper resistant systems is expected to be the main driver of growth in the smart card and payment market during the forecast period.
The increase in e-commerce and online purchases affects the bank and payment smart card market, since this flow involves multiple transactions using smart cards and bank cards. In addition, the concept of plastic money is expected to generate significant growth in the bank and payment smart card market. These factors are significantly influencing the banking and smart card payment market.
Public awareness of the use of smart cards and payment cards increases day by day, due to which the banking and smart card market is expected to have a potential growth during the forecast period. In addition, the trends of gift vouchers and the returns of money that companies give to customers should increase the demand for the smart card and bank payment in the market.
In addition, security and ease of access, and at any time from anywhere, are some of the features of the smart payment and banking card that attract people to the smart card payment and banking market. These factors are expected to be responsible for the significant growth of the banking market and smart payment cards over the next few years. However, the cost of deployment and replacement and the lack of knowledge about the use of the bank payment smart card in rural areas of some countries is hampering the growth of the smart card and bank payment market.
Smart payment and banking card market: Segmentation
The bank and payment smart card market can be segmented as follows:
- Banking smart card segmentation and payment based on type: –
- Contact cards
- Contactless card
- Bank smart card segmentation and payment according to the application: –
- Financial transactions
- Physical access control
- Government programs
- Information security
- Retail and Loyalty
- Segmentation of the bank and payment smart card based on the vertical: –
- Health care
Smart payment and banking card market: Key players. Main players
Some of the key players in the smart card and bank payment market are American Express, Atmel, Bell ID, Gemalto, Morpho, Oberthur Technologies, Giesecke & Devrient, CardLogix, ARM, DataCard, HID Global, Smart Card IT Solutions, Infineon Technologies , MasterCard and Visa. These players are expected to influence the bank and payment smart card market during the forecast period.
Smart payment and banking card market: Regional Panorama
Currently, North America is expected to have an important part of the market for smart cards and payment cards due to the high use of smart cards by people and the increase in people's awareness of plastic money. In addition, Asia Pacific developing countries, such as Japan, Hong Kong, Australia and South Africa, are expected to be the preferred regions for providers of banking solutions and smart payment cards. The rapid economic development in India and China is showing an excessive implementation of smart cards, and is expected to be one of the main factors for the potential growth of the banking and smart card payment market. In the APAC region, the growth of the financial and retail sectors are expected factors responsible for the growth of the banking market and smart payment cards. In addition, the development of the banking infrastructure of the MEA countries is also driving the growth of the banking market and smart payment cards.
The report covers an exhaustive analysis on:
- Segments of the global market
- Dynamics of the global market
- Actual historical size of the market, 2013-2017
- Size and forecast of the global market, 2018 to 2028
- Value chain of supply and demand for the market.
- Trends / Problems / Current challenges of the global market
- Competition and companies involved in the market.
- Technology market solutions
- Market value chain
- Drivers and restrictions of the global market
The report is a compilation of first-hand information, qualitative and quantitative evaluation carried out by industry analysts, input from industry experts and industry participants along the value chain. The report provides an in-depth analysis of the trends in the parent market, macroeconomic indicators and the factors that govern, along with market attractiveness according to the segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Highlights of the report:
- Detailed summary of the parent market
- Changing the market dynamics of the industry.
- Deep segmentation of the market.
- Historical, current and projected market size in terms of value.
- Trends and recent developments in the industry.
- Competitive panorama
- Strategies of key players and product offerings.
- Segments / potential and niche regions showing promising growth
- A neutral perspective towards the performance of the market.
- Essential information for market players to maintain and improve their presence in the market.