IMS Research has released a new report projecting that the number of payment and banking smart cards in Brazil will reach 450 million by the end of 2016.
According to the report, Brazil is easily the largest market for payment and banking cards in South America, and second largest in the Americas. The country is currently experiencing “rapid” growth in the number of cards issued – a growing proportion of which are EMV-enabled.
Analyst Don Tait says a significant portion of the growth is due to Brazil hosting the World Cup in 2014 and the 2016 Summer Olympics, which is expected to have a positive impact on the demand for payment and banking smart cards over the next few years.
Additionally, IMF’s latest GDP forecasts for Brazil are “more favorable” than other developed countries, with annual GDP growth ranging from 3.8% to 4.1% during the next four years.
The report, ‘The World Market for Payment and Banking Cards – 2011 Edition,’ goes on to examine the payment and banking cards market for an additional 43 countries, covering credit, debit, e-purse/ATM/Pre-paid, contactless and dual interface.