LONDON--(BUSINESS WIRE)--TechNavio, a tech-focused research firm, has published a new report on the Global Banking and Payment Smart Cards Market, which is expected to grow at a CAGR of 10.4 percent from 2014-2019.
The latest report from TechNavio emphasizes the increased adoption of near field communication (NFC) payments. NFC-enabled devices can operate in read/write, peer-to-peer or card emulation mode. For contactless mobile payments, an NFC-enabled mobile device operates in card emulation mode and it appears as a contactless smart card to the external card reader.
“Increased adoption of NFC-based payments will fuel the growth of the Global Banking and Payment Smart Cards Market,” says Faisal Ghaus, Vice President of TechNavio.
The report also highlights the increasing adoption of smart cards in North America. Despite being a developed region, the use of smart cards in North America is currently very low because of the late deployment of the technology in the region, and low adoption in the introductory stage.
“The North American segment of the market is expected to grow quickly during the forecast period, which will lead to increased revenue in the Global Banking and Payment Smart Cards Market,” says Ghaus.
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TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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