Demand for added security and more intelligent ways-to-pay are on the up, according to Smart Payment Association (SPA) in its annual review of the payment smart cards market.
According to the figures, the smart payment sector remained strong in 2009, showing steady growth throughout the year. SPA says expansion is expected to continue at pace in 2010.
The Americas proved to be one of the most significant growth markets for Payment Chip Cards in 2009, with shipments growing 36%. Asia Pacific returned an 18% growth rate, while cards shipped into Europe & CISMEA grew by 14.5%, despite the mature marketplace in Western Europe.
In total, more than 675 million smart payment cards were shipped in 2009 – up 16% year on year from 2008. This figure is set to increase in 2010 as growing numbers of countries migrate to the EMV payment standard.
In line with continued year on year growth, Dynamic Data Authentication (DDA) technology also continued to gain market share, with number of cards shipped increasing by 34%. This highlights the continued commitment of card issuers, retailers and all other members of the payments value chain to minimize card fraud, says SPA.
Click here to download the report.