Convenience and security in payment technology.
Payment card usage is on the rise globally and with it the adoption of smart card technology. Globally, cards remain the preferred non-cash payment instrument with a market share of more than 55%. Consider that even during the height of the financial crisis from 2008 to 2009 transaction volumes on debit and credit cards were still increasing by nearly +10% (compared to +15% from 2007 to 2008).
As card usage steadily increase so does the number of cards in circulation. By 2016, there will be over 10 billion cards in circulation (up from 7.4 billion in 2011 ii). Among payment card technologies, chip cards currently represent 2.1 billion of the cards in circulation and will continue to grow over magnetic stripe card issuance. Global interoperability as well as the additional security (over magnetic stripe cards) underpins chip card adoption.
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