Smart Card Market to surpass USD 65 Billion by 2025
Technological advancements, such as the development of smart cities, blockchain, biometric technology, etc., are driving the smart card market across the globe. The growing smart city initiatives are encouraging several public & private companies to develop smart connected solutions to efficiently optimize available resources and effectively manage operations and services. Smart cities have been fueling the demand for digital payments in sectors including transportation, retail, government, etc., creating a huge demand for smart cards.
Several companies in the smart card market have run several successful trials of the fingerprint biometric technology within smart cards in countries including Japan, Cyprus, the U.S., Mexico, the UK, South Africa, etc., creating more opportunities for industry players. The rising number of financial frauds is leading to the need for a secure, personalized, and convenient payment solutions. The integration of biometric technology into smart cards with a microprocessor and contactless interface will eliminate the need for PINs, assuring safer transactions through fingerprint authentication.
The smart card market will keep growing over the future as they offer enhanced security for card issuers, merchants, banks, and consumers as technology adds a layer of cybersecurity protection. However, security remains a concern as the technology is still vulnerable to cyber-attacks. Therefore, several companies in the payment card market are developing more secure authentication ways than just EMV chips by adding technologies such as biometric authentication.
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