Newly released figures from the Smart Payment Association indicate that the number of chip cards shipped around the world more than doubled within three years — from 1 billion shipped in 2011 to more than 2.1 billion shipped in 2014.
According to an SPA press release, growth in the Chinese and U.S. markets contributed to this significant increase. Detailed figures also confirmed the growing demand for "tap-and-go" contactless payment across the world.
Contactless technology represented more than 42 percent of all smart payment cards shipped in 2014, up from 37 percent in 2013, according to data collated by the SPA, whose seven members represent around 75 percent percent of the total available market.
The cata also highlighted the primacy of dynamic data authentication technology, which protects chip-and-PIN cards against cloning and data, the release said. Seventy percent of cards shipped in 2014 featured this technology — up from 66 percent in 2013.
"The enthusiasm for new ways to pay, with more convenience and security, is driving the growth of contactless payment," said SPA President Nicolas Raffin, in the release. "Across the world we have seen an increasing number of retailers actively promoting 'tap-and-go' payment for lower value purchases — reducing queuing and offering greater speed and convenience for customers at the point of sale. We expect this trend to continue to gather pace as we move through 2015."
"New ways to pay" forms part of a vision paper from the SPA.
Source: ATMMarketplace.com
MEDIA CONTACT:
KATY LASEE | MARKETING DEPT.
651 554 8533
KRLasee@traveltags.com
© 2024, Travel Tags Inc.
All Rights Reserved.