Global Banking and Payment Smart Cards Market 2015-2019 - Increased Need for Tamper-resistant System / High Cost of Deployment and Replacement / Increased Adoption of NFC Payments

Dublin, Nov. 27, 2015 (GLOBE NEWSWIRE) -- The Global Banking and Payment Smartcards market will grow at a CAGR of 10.4 percent over the period 2014-2019.

Smartcards are specially designed pocket-sized plastic cards with an IC. They are mainly used for identification, authentication, data storage, and application processing. In the Banking and Payment industry, smartcards are used as credit/debit cards, fuel cards, authentication cards for payments, high security identification cards, and access control cards. They can also be used as electronic wallets. It is carried out by loading the smartcard with funds that can be transferred to a vending machine or a merchant's account with the help of cryptographic protocols.

The increased adoption of near field communication payments is one of the key trends emerging in the market. NFC payments are enabled with the help of smart cards that are attached to mobile devices. This enables secure monetary transactions for individual consumers.

According to the report, the increased need for a tamper-resistant payment system is one of the major drivers in this market. Generally, cards are embedded with magnetic tapes that only store information about the end-user's account. This tape can be easily tampered with, which may lead to a monetary loss for the end-user. These cards are therefore being replaced with smart cards as they store all information in the form of a pin code that is difficult to decode.

Further, the report states that the high cost of deployment and replacement is one of the major challenges in the market. Geographies such as South America and the APAC region have limited vendor penetration and only a few local players. The limited vendor penetration has led to the market being controlled by a small set of vendors, which has resulted in high initial deployment and replacement costs because of low competition.

To calculate the market size, the report considers revenue generated from the sales of smartcards, which includes the following:

• Contact-based
• Contactless

Key Vendors

• Gemalto
• Giesecke & Devrient
• Morpho
• Oberthur Technologies

Other Prominent Vendors

• American Express
• ARM Holdings
• Atmel
• DataCard
• Infineon Technologies
• MasterCard
• Visa

Key Topics Covered:

1. Executive Summary
2. List of Abbreviations
3. Scope of the Report
4. Market Research Methodology
5. Introduction
6. Market Description
7. Market Landscape
8. Market Segmentation by Technology
9. Geographical Segmentation
10. Market Attractiveness
11. Buying Criteria
12. Market Growth Drivers
13. Drivers and their Impact
14. Market Challenges
15. Impact of Drivers and Challenges
16. Market Trends
17. Trends and their Impact
18. Vendor Landscape
19. Key Vendor Analysis
20. Key Developments
21. Assumptions

For more information visit http://www.researchandmarkets.com/research/6bb9rj/global_banking