The demand within the global EMV card market has been rising on account of the popularity of plastic money. The presence of a stellar industry for banking and financial management has played a vital role in the growth of the global EMV card market. An EMV card is a debit or credit card that can be used across point-of-sale tills for making payments. Several types of EMV cards including Visa, Mastercard, and Europay are available across the globe. The propensity of the masses towards making easy payments has played a pivotal role in the growth of the global EMV card market. Moreover, the stellar popularity of EMV cards also stems from people’s preference for smart payment options.
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The trend of carrying large amounts of cash is passé, and individuals now look for easy payment options. This factor has played a key role in bringing EMV cards under the spotlight of attention. The total value of the global EMV card market has been increasing alongside increasing options available for payment across point-of-sales terminals. Most banks provide EMV cards along with customer service kits, and this is a key driver of market demand.
On the basis of geography, the global EMV card market has been segmented into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. The market for EMV card in Europe is expanding alongside advancements in the region’s banking sector. Moreover, the supremacy of customer service offered by banks in some of the EU nations has also propelled market demand.
EMV card technology stands for “Euro pay MasterCard and Visa”, which is initially generated by the three companies for the credit and debit card payments globally for the reduction of the costs of fraud and to protect consumers. EMV is a standard for smart payment cards to be used across various automated and terminal teller machineries that can accept them. EMV technology standard is currently managed by an association named as “EMVCo” that is jointly owned by American express, JCB, Master card, discover Visa, and union pay. An EMV card is an embedded microprocessor payment chip that stores and protect cardholder sensitive payment data on integrated circuits rather than magnetic stripes. EMV cards has a computed microchip that generates one time unique authentication code for each and every transaction for better security of the card users. There are several types of EMV chips cards available in the market namely dual interface, contactless, and standard. Each transactions by EMV cards often referred to as “Chip and PIN” because PIN entry is needed to verify the genuine cardholder. Through superior algorithms and complicated processing methods EMV cards is providing more security to the card users.
EMV Card Market – Drivers and Restraints
Across the globe, EMV card technology is transforming the way for consumers to shop online and offline. Rising trend towards digital financial economy, increasing need of securing the card authentication systems are projected to drive the EMV card market around the globe. EMV standard is basically designed to guard personal information with superior technology to elude theft and hacking. The top three benefits of EMV includes safer transactions both online and in person, a more through authentication process and reducing identity theft risk. Other benefit related with an EMV card chip is the superior capacity to hold and write information compared to the magnetic stripe. The main advantage associated with the EMV standard is to reduce and simplify the data flow between the card processor and terminal gateway with the help of complex EMV authorization requirements. In EMV technology maintains, manages and enhance the specification to ensure globally interoperability of chip card acceptance devices such as ATMs and sale terminals.
Some of the restraining factors for the EMV card market are magnetic stripes present in the EMV card that contains static information can be easily duplicated by fraudsters. Furthermore, other limitations of EMV is fraudulent use of stolen and lost cards, that creates delays and confusion for merchants and consumers due to long transaction times compared to swipe cards and enter PIN instead of a signature. However, rapidly increasing technological innovation pertaining to the EMV card is expected to overcome these restraints in near future.
EMV Card Market – Segmentation
The global EMV card market can be segmented on the basis of components, type of cards, and regions. And others. On the basis of components, EMV card is segmented into four primary components i.e. acquiring banks, card brands, issuing banks, and credit card processors. EMV card is divided into two main type’s credit and debit cards. Geographically the EMV card market continues to provide growth opportunities segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America. North America and Europe are expected to have a vertical growth in terms of financial due to the presence of well-established players and higher technological innovations across the region.
EMV Card Market – Key Players
Some of the Major key players of EMV card market in its growth stage are ABnote, CPI Card Group, Gem alto, Giesecke & Devrient , Morpho (Safran) , Oberthur Technologies ,Versatile Card Technology Ingenico ,PAX Technology, SZZT Technology, VeriFone , ATOS World line, Cyber Net, Equinox, Keycorp, NCR, Spire Payments, Hengbao, Watch data systems Co. Ltd, Gold Pac and so on.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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