The EMV Smart Payment cards Migration in the U.S. and China remains complex with a set of trends likely to fluctuate anytime. But it is obvious that, the worldwide market continues to follow a growth trajectory; while Industry Players wonder if Continual Growth will be Sustainable. At the same time, Apple and Samsung Pay are educating U.S issuers and users on the value and convenience that contactless payments can enable; expecting acceleration of uptake of contactless cards.
According to ABI Research, the last 12 months proved another positive year
for the EMV smart payment cards standard, initially created by Europay,
MasterCard and Visa.
One can then observe that, in 2015, EMV card issuance in the U.S exceeded
original industry expectations, hitting nearly 600 million units, while China
showed continued success, achieving record shipments near the 850 million mark.
The two countries led significant worldwide market growth, accounting for 53%
of the more than 2.6 billion total EMV cards shipped in 2015.
ABI Research forecasts the worldwide growth will primarily be driven
by EMV migration programs on the horizon, such as those in Indonesia and India.
Additional opportunities in the U.S. are presenting themselves due to the
market’s large installed base of mag-stripe Private Label Credit Cards (PLCCs)
and next-generation migration plans surrounding contactless issuance.