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Contactless Cards to be Future of Consumer Payments owing to High Convenience Offered

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Published on : Nov 15, 2016

ALBANY, NY, Nov 15, 2016: The report studies the global contactless cards market and presents reliable forecasts regarding the market’s development trajectory. The report makes use of industry-standard analytical tools to examine voluminous data on the contactless cards market and covers all relevant aspects of the market to provide interested readers and market players with a comprehensive overview of the present condition and expected trajectory of the industry. The report is titled ‘Insight Report: The Future of Consumer Payments - Contactless Cards or NFC Mobile?’ and is available for sale on the official website of ResearchMoz.us. 

Smart cards are pocket-sized cards that contain integrated circuits and can be used for individual identification and authentication by organizations across various sectors. The prospects for growth in this market will be driven by factors like the high convenience of contactless smart cards and the augmented utilization of contactless smart cards by governments to address their rising need for security.

The rising need for a tamper-resistant system will be the key driver for the growth of this market. Smart cards with magnetic strips have the capability to store financial information about end users. However, these cards can easily be tampered with, which will result in the loss of personal information or data. Since contactless smart cards with PIN codes are difficult to tamper with, they are increasingly being adopted to bolster the safety of the card holder’s accounts.

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Due to recent instances of identity theft, the need to prevent fraudulent activities in the banking sector is on the rise. The fast-growing volume of financial transactions, especially with the advent of e-commerce and the introduction of new digital payment solutions are prompting vendors in the banking sector to find practical solutions to curb instances of security threats. Many banks are also opting for smart cards over the conventional magnetic tape-based debit and credit cards owing to their tamper-proof nature. Furthermore, banks are also taking initiatives to encourage the use of contactless smart cards as this makes it easier to track customer activity.

In terms of geography, the APAC region will be the biggest market for contactless smart cards during the forecast period. In APAC, the countries are at high risk of terrorism and fraud. Consequently, the demand for contactless smart cards will increase steadily over the forecast period. Moreover, factors like the high adoption of contactless smart cards for NFC and transit payments will also aid in the strong growth of this market in APAC until the end of the forecast period.

The global contactless smart cards market is fragmented due to the presence of many multinational vendors and small regional players. The large providers in this market often acquire small vendors to expand their product portfolio and market share. However, to gain maximum market traction, the vendors have to distinguish their product and service offerings through a clear and unique selling proposition.

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