Contactless Smart Cards Market to Reach $21.0 billion, Globally
A contactless smart card (also known as a contactless RFID card) is a card that does not require physical contact with another cardholder to transmit data. A contactless smart card has a small chip embedded in an antenna that allows it to communicate with a compatible device, such as a card reader or access control system, by simply waving or tapping the card nearby. The use of contactless smart cards is becoming increasingly popular in a variety of contexts, including public transportation, building or event access control, and electronic payments. These cards provide a convenient and efficient solution for transactions and access permissions, as they can be processed quickly and easily without the need for manual input or swiping.
The global contactless smart cards market growth is attributed to several factors such as the rise of IoT and connected devices, ease of use and convenience for consumers, and the growing digital payment ecosystem. On the other hand, high infrastructure cost, along with security and data theft concerns, and limited compatibility and infrastructure restricts market growth. On the contrary, integration with IoT and Mobile Devices to create profitable opportunities in the coming years.
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