The global contactless smart card market perceives a rapid upsurge, evolving extensively. The market growth attributes to the security measures implemented in contactless smart cards, giving a security advantage over proximity cards. Contactless smart card systems allow users to securely manage the store with the accessible data on the card, interacting intelligently with a contactless smart card reader. The Emergence of smart card systems has brought up the convenience of systematic, secured payment services.  

All these convince allow contactless smart cards to garner more popularity, demand, uptake, and market growth. Additionally, the COVID-19 pandemic is fostering smart card technology, promoting contactless transactions.  Increased “Smart City” projects worldwide provide impetus to market growth. Simultaneously, government initiatives for infrastructure development & smart highways projects are fostering market growth.  

Global Contactless Smart Card Market – Segments

The report is segmented into four dynamics;  

By Type     : Proximity Card and CPU/MPU Cards. 

By Application: BFSI, Government, Transportation, Healthcare, Defense, Retail, Loyalty, and others.

By Technology: Smartcard Integrated Circuits, Memory Smart Card, Microprocessor Smart Card, and others.

By Regions       :  Americas, Europe, Asia Pacific, and Rest-of-the-World.

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Industry/Innovation/Related News:

October 13, 2020 —- Samsung Electronics Australia announced its partnership with eftpos Australia to allow contactless transactions. Digital wallet payments can promote contactless payment using Samsung Pay via the eftpos network. During these COVID-19 challenges, contactless payments are needed most. Samsung Pay users can now choose between payments via eftpos or the Visa network by toggling a setting in their user interface. 

The importance of alternative payment methods to cash, such as Tap & Go debit cards, digital wallets linked to mobiles, and using wearable payment technology, has been vital as we deal with the ongoing COVID-19 pandemic. Many bank and savings account providers have been slowly allowing these features for customers.

Samsung Pay is a mobile payment service from Samsung Electronics, allowing its customers to pay with their mobile devices wherever the card is accepted. It is an alternative payment method to cash or card usage. 

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