Smart Card Market to cross US$ 90 billion by 2028

The smart card market is expected to surpass USD 90 billion by 2028, as reported in a research study by Global Market Insights Inc.

The market growth can be attributed to the increasing demand for robust access control solutions globally.

Dual-interface cards that can facilitate both contact and contactless transactions will witness increasing popularity over the forecast timespan. With these cards, the user can access the same chip with either of these methods, thereby ensuring multipurpose usage at any payment terminal with a high level of security. Dual-interface smart cards will observe increasing adoption owing to their fast transaction speeds and high confidentiality. These cards are used as citizen ID cards, employee ID badges, transit payment cards, and GSM subscriber identity modules. The chips used in these cards fall into two categories including microcontroller chips and memory chips.

The growing popularity of cashless payment solutions is encouraging players to offer innovative smart cards for simplifying payment transactions. There is an increasing demand for contactless payment techniques in the wake of the pandemic. Technological advancements, such as NFC and RFID, that enable seamless digital transactions will support the adoption of these cards.