Smart Card Market by Trends, Technology and Development Scenario to 2028

Smart card market is expected to have a promising growth ahead. Digital transactions have gained significant momentum across the world. Earlier, magnetic stripe cards replaced cash-based payments across majority of transactions, but these cards lacked robust security. Smart cards on the other hand have emerged successful in storing 10 to 100 times more data as compared to magnetic stripe cards. They typically rely on an embedded chip that can carry data on the card itself.

As digital transformation is at the forefront of the financial industry, several fintech and banking companies could expect an increase in contactless transactions over the coming years, favouring smart card market growth.

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With an increasing demand for high-security data transactions and innovative card development initiatives, the smart card market size is estimated to exceed USD 90 billion by 2028, claims a report by Global Market Insights.

Contactless smart cards gaining significance

Contactless smart cards are swiftly replacing contact smart card use cases as they offer relatively faster and more convenient operations and functionality. These smart cards are preferred for their highly secure management, storage, and access to data with multi-functional capabilities.

Demand for contactless card payments has been significantly driven by the Covid-19 and the trend has continued over the last two years. Some of the many application areas of contactless smart cards are automatic fare collection, micro-payment, government, and corporate IDs.

With supportive government initiatives and international standards related to digital transactions, the demand for contactless smart card materials is expected to soar with time. This underpins a substantial rise in the growth and development of contactless smart card solutions.

Smart cards improving healthcare operations

Healthcare smart cards find use across a wide range of medical domains such as primary care, social care environment, and acute care settings. Hospitals worldwide issue smart cards to patients for more secure identification process with quick access to patient’s medical history and relevant information. It also avoids the complexity associated with large number of physical and digital login requirements.

Amidst the pandemic, various U.S. states deployed SMART Health Card across the country in collaboration with the private sector. The card displayed a QR code which when scanned by the SMART Health Card Verification App, confirmed the holder’s vaccination status or test results.

On the account of a vast range of applications, constant technological advancements, innovations and a burgeoning user response, the smart card market may witness broader expansion of use cases over the coming years.

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Leading financial companies accelerate smart card innovations

As smart cards offer added features and convenience, fintech companies are steadily phasing out magnetic stripe cards. Highlighting an instance on the same, in 2021, Mastercard came forward with plans to abandon magnetic stripes from all its credit and debit cards.

After smart cards entered the market, the company witnessed a significant decline in use of magnetic stripe cards. Based on this trend, Mastercard seeks to remove magnetic stripes from all credit and debit cards by 2033.

Zwipe’s new biometric card technology called “Zwipe Pay” is another latest advancement in the smart card domain which allows smart card developers to obtain Visa certification for their proprietary card designs. With this, issuers can use Visa’s global network to launch biometric smart cards based on Zwipe Pay technology

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