Global consumption of EMV payment card is 1309 million units in 2018 and is projected to reach 2064 million units by 2024
Wednesday, 17 Jun, 2020
EMV payment card is a financial card that meets the EMV standard. EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.
There are three types of EMV payment card: Contactless Card, Contact Card and Dual Interface Card. Contactless Card is most widely used, it accounts for about 77.6% of the market share, Contact Card accounts for about 17.6% of the market share.
Global consumption of EMV payment card is 1309 million units in 2018 and is projected to reach 2064 million units by 2024, at a CAGR of 7.89% during the forecast period.
The key consumption markets locate at developed countries. The Asia takes the market share of 37%, followed by EU with 28%, North America takes the market share of 16% Global consumption market has a quicker growing speed of CAGR 7.89%.
The nationwide EMV migration is well underway. Banks are issuing new credit cards with EMV chips. EMV or chip cards, are the new, more secure credit cards which are currently transitioning to in the U.S. EMV chips encrypt bank information making it far more secure than the old magistrate cards.
The United States is switching over to chip cards in an effort to curb credit card fraud. In fact, even though the United States has a quarter of the world’s credit card transactions, almost half of the world’s credit card fraud happens here. This is because magnetic-stripe cards use an outdated technology and easy for fraudsters to counterfeit. Chip cards, on the other hand, are way more secure. An EMV credit card chip is actually a super-small computer that’s extremely hard to counterfeit. When the data is transmitted during a card transaction, it’s encrypted which means even if bad guys intercepted the information, they probably wouldn’t be able to do anything with it. So as a country we’re switching to cards with EMV chips. The recent high-profile security breaches at some of the country’s largest retailers have added motivation to make the switch quickly.
Key players in global EMV payment card market include: Gemalto, OT-Morpho, GoldPac, CPI Card Group, Valid, Giesecke & Devrient, Watchdata Systems Co. Ltd, Eastcompeace, Wuhan Tianyu, Austria Card, Kona I, Hengbao