Research and Markets - Global Contactless Smart Cards Market in the Banking Sector CAGR Growth of 33.09% by 2020 - Trends, Technologies & Opportunities Report 2016-2020 - Key Vendors: Visa, HID Global, Bell ID
The report forecasts the global contactless smart cards market in banking sector to grow at a CAGR of 33.09% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One trend that is expected to boost market growth is the introduction of hybrid smart cards. Hybrid smart cards are those with a dual-interface, a combination of contactless and contact interfaces, on a single card. Such cards have shared storage and processing of information, thus eliminating the need to carry multiple cards. Hybrid smart card authentication requires smart card middleware, a smart card, a smart card reader, and a smart card PIN. As data and information can be consolidated in one smart card, it provides ease of handling. The availability of hybrid cards will lead to the increased adoption of contactless smart cards, which will support the market growth.
According to the report, a key growth driver is the need to reduce identity duplication. With technological advances, the number of cases of fraud and forgery is increasing. There is a growing need for a solution that will reduce security risks. The cards and payments industry has undergone a digital transformation with the introduction of new payment methods such as EMV chips, PIN cards, and mobile wallets. The data stored on smart cards is difficult to decode. Data and information available in contactless smart cards can be accessed using a PIN. These PINs are extremely difficult to interpret as they are encoded and make the transaction more secure and counterfeiting more difficult.
What will the market size be in 2020 and what will the growth rate be?
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