LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global EMV cards market since 2016 and the market is poised to grow by USD 803.22 million during 2020-2024. However, the growth momentum of the market is expected to decelerate at a CAGR of over 6% during the forecast period. Request Free Sample Pages
Read the 144-page research report with TOC on "EMV Cards Market Analysis Report by Technology (contactless and contact), by Geography (APAC, North America, Europe, South America, and MEA), and Segment Forecasts, 2019 - 2023".
The market is driven by the benefits of EMV cards. In addition, the advent of biometric EMV cards is anticipated to further boost the growth of the EMV cards market.
The benefits of EMV cards will be one of the major drivers in the global market. The demand of EMV cards is increasing because they provide better transaction security to merchants, banks, and cardholders as compared to the magnetic stripe cards. Moreover, EMV cards are hard to clone for fraudulent transactions because they are embedded with microprocessor smart chips. These chips have end-to-end (E2EE) or point-to-point encryption (P2PE) technologies, which can encrypt data when the cards are inserted into payment terminals. Other benefits of EMV cards include support of contact, contactless, and mobile payment transactions, overseas usage, and offline mode usage. These benefits offered by EMV cards encourage merchants to use EMV payment terminals, which in turn, will boost market growth during the forecast period.
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Major Five EMV Cards Market Companies:
American Banknote Corp.
American Banknote Corp. owns and operates businesses under various segments such as Commercial Solutions; Financial Solutions; Government and Non-Profit Solutions. The company offers EMV credit and debit cards to financial institutions.
CPI Card Group Inc.
CPI Card Group Inc. operates its business under three segments, which include US Debit and Credit; US Prepaid Debit; and Others. The company offers contactless, contact, and dual-interface EMV cards to financial institutions.
Fiserv Inc. has business operations under various segments, namely Payments and Financial. The company provides contact and contactless EMV cards to financial institutions. In July 2019, Fiserv launched the Mobile Bill Presentment solution to its clients, which enables clients to digitally present customers’ bills in a mobile wallet using the solution.
Giesecke+Devrient GmbH operates the business under four segments, which include G+D Technology, G+D Mobile Security, Veridos, and Secunet. The company provides contact and contactless EMV cards to financial institutions.
Goldpac Group Ltd.
Goldpac Group Ltd. business operates under the following segments: Embedded software and secure payment products; and Platform and service. The company offers contact, contactless, and dual-interface EMV cards to financial institutions.
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EMV Cards Technology Outlook (Revenue, USD Million, 2019 - 2023)
EMV Cards Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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