It is encouraging to observe
that, Banks are increasingly adopting smart cards to safeguard customers
against security threats. In fact, the use of smart cards is emerging as an
effective method to prevent fraud and duplication, particularly in e-commerce
transactions.
According to Technavio, the global banking and financial smart cards market is expected to reach a CAGR of close to 10%
until 2020.
Global banking and financial
smart cards market expected to reach a CAGR of close to 10% until 2020.
Smart cards have an embedded
chipset that store data and information for identification. These chips can
help make payments in a secure manner with user authentication.
Then, one can observe that, E-commerce
is contributing to the growth of the global banking and financial smart cards
market as it is based on online payments and transactions.
Technavio
reveals that, the use of these cards has
picked up traction among many banks, especially in India, which are affiliated
with Financial Information Network and Operations (FINO).
In
the EMEA region, the UK has
greater adoption of banking and financial smart cards because of the increase
in reliance on e-commerce and a subsequent rise in fraudulent activities.
The banking and financial
smart cards market in Latin American has gained a lot of momentum with the
introduction of Europay, MasterCard, and Visa (EMV) payments and secure
government and identity initiatives.