Technavio analyzes that the EMV Cards Market is expected to grow at a CAGR of 7.53% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1344.2 million.There are various factors that contribute to the growth of the market. Compliance with EMV regulations is a necessity for all entities involved in the payment industry. EMV, or Europay, Mastercard, and Visa, is a global standard for ensuring secure and authentic card transactions. Adherence to these regulations is essential to mitigate the risks of fraud and ensure the protection of sensitive card data. EMV cards utilize chip technology to provide enhanced security features, making them a preferred choice for secure transactions. Implementation of EMV technology is mandatory for all payment systems to maintain the highest level of security and stay compliant with industry regulations.
The EMV cards market has witnessed a notable expansion in the adoption of contactless payment methods over the past five years. This trend is projected to continue, driven by the convenience and efficiency of contactless transactions. Contactless EMV cards utilize radio frequency identification (RFID) and near field communication (NFC) technologies, enabling cardholders to complete transactions by waving their cards over payment terminals. These cards eliminate the need for physical contact between cards and terminals, enhancing hygiene and safety. Major players in the financial sector, including banks and fintech industries, are increasingly issuing contactless EMV cards to meet consumer demand. Digital wallets such as PayPal and Google Pay are also integrating contactless EMV technology to expand their offerings. The embedded antennas in contactless EMV cards facilitate secure communication between the cards and terminals, with cryptographic keys ensuring data protection. RFID and NFC draw power from payment terminals, ensuring seamless and uninterrupted transactions.
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EMV Cards Market Segmentation
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The EMV card market encompasses credit, debit, and prepaid cards, all utilizing advanced security technology such as smart chips and contactless payment technology. Banks and financial services sector are major players, offering banking and financial services through card present transactions. Dynamic authentication strategies, PIN, signature, and fraud alerts ensure security. NFC mobile payments, healthcare, transportation, entertainment, digitalization, and cashless transactions are driving growth. Security concerns include data theft, leading to innovations like blockchain, cryptographic keys, and perfect plastic printing. Multifunction cards cater to various sectors, including telecom.
The EMV cards market encompasses Credit, Debit, and Prepaid cards, each integrating advanced security technologies such as Smart Chips and NFC for mobile payments. Technavio positions this market as a segment of the larger global Technology Hardware, Storage, and Peripherals industry, which spans manufacturers of IT hardware devices, equipment, and components. This market's size is determined by revenue generated from sales of these products. Key growth drivers include the escalating demand for data centers due to the COVID-19-induced shift towards remote work, increasing adoption of contactless payments, and the proliferation of IoT devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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