EMV Payment Cards Market Size, Share, Growth, And Industry Analysis, By Type (Fuel Card, Retail Store Card, Meal Voucher Card, Local Payment Schemes Card), By Application (Union pay, Visa, Master Card, Amec, JCB, Discover Card, Rupay), Regional Insights and Forecast From 2026 To 2035

• 

  Download Free Sample to learn more about this report

EMV PAYMENT CARDS MARKET OVERVIEW

The global emv payment cards market size is estimated at USD 7635.38 Billion in 2026 and is expected to reach USD 8179.21 Billion by 2035 at a CAGR of 3.5% during the forecast from 2026 to 2035.

The global EMV payment cards market is witnessing strong adoption, powered by increasing demand for secure, chip-based transactions and widespread regulatory push. As of Q4 2024, roughly 71.98% of all issued payment cards globally are EMV-enabled. EMV chip technology is now used in 96.20% of global card-present transactions, dramatically reducing fraud risk and strengthening transaction security. The EMV Payment Cards Market Report highlights increasing dual-interface and contactless EMV card issuance, driven by digital banking and contactless payment trends.

In the United States, EMV adoption is nearly universal in face-to-face payments EMVCo data shows 95%+ of U.S. card-present transactions carry the EMV chip. U.S. financial institutions are issuing massive volumes of dual-interface EMV cards; recent estimates suggest that 65% of EMV cards issued in the U.S. are dual-interface, combining contact and contactless capability. The U.S. market remains a core region in the EMV Payment Cards Market Analysis, supported by mature infrastructure and rising demand for secure, modern payment cards.

KEY FINDINGS

LATEST TRENDS

The integration of multiple functions into EMV payment cards are expected to fuel the growth in the market

This trend is fueled by regulatory mandates for EMV compliance, the growing adoption of contactless payments, and the rising demand for multi-functional smart cards from both banks and consumers. Another prominent trend in the EMV Payment Cards Market is contactless EMV issuance. Contactless EMV cards are increasingly common in retail and transit, as consumers favor tap-to-pay ease. Market outlooks suggest that by 2030, contactless EMV issuance will dominate new EMV card issuance, reinforcing the shift from traditional contact-only EMV solutions.

Sustainability is also surfacing in the EMV Payment Cards Market Trends financial institutions and card manufacturers are exploring eco-friendly card materials, such as recycled PVC or bio-based plastics, to meet corporate social responsibility goals. Meanwhile, the EMV Payment Cards Market Analysis highlights the push for personalization banks are issuing custom-designed EMV cards with brand or lifestyle themes, increasing customer stickiness. Finally, innovation in chip specification is evolving. EMVCo's 2024 report mentions the launch of the Electric Vehicle Open Payment (EVOP) initiative, expanding EMV specification use into EV charging payments. This opens an opportunity for EMV card issuers to embed payment chips into EV-charging smart cards, further integrating EMV payments into daily consumer infrastructure.

• According to EMVCo, the organization governing EMV standards, over 12.8 billion EMV cards were in circulation worldwide by the end of 2022, representing 93% of all card-present transactions globally.

• According to the European Central Bank, 46% of all card payments in the Euro area in 2022 were made using contactless EMV cards, showing a strong adoption trend.

Download Free Sample to learn more about this report

EMV PAYMENT CARDS MARKET SEGMENTATION

By Type

According to type, the market can be segmented into fuel card, retail store card, meal voucher card, and local payment schemes card.

• Fuel Card: Fuel cards are a specialty EMV payment card type widely used by fleet operators, transport companies, and logistics firms. These cards typically support restricted merchant categories, such as petrol stations, and may include EMV chips to prevent fraud and enable secure in-vehicle payments. In many markets, companies issue EMV fuel cards to drivers these cards monitor fuel usage, cap spending per transaction, and reduce fraud risk at unattended pumps. The EMV Payment Cards Market Analysis shows growing demand for EMV fuel cards, especially in regions with large commercial vehicle fleets. As smart fleet management becomes more common, companies increasingly demand EMV-enabled fuel cards to combine transaction security with fleet controls.

• Retail Store Card: Retail store cards (co-branded or store-branded credit or debit cards) represent another type of EMV payment card. These cards are issued by retailers or in partnership with banks, and often carry loyalty or reward features. EMV chip and contactless functionality enhance security for retail store card payments, reducing fraud and increasing customer trust. In the EMV Payment Cards Market, retail store cards are growing in importance due to omnichannel retail strategies. Retailers with high foot traffic adopt EMV-enabled loyalty cards and co-branded cards, helping drive repeat purchases and data collection. 

• Meal Voucher Card: Meal voucher cards are payment cards used by employers to provide staff with subsidized meals in partnered restaurants or cafeterias. EMV chips on these meal cards increase payment security and reduce misuse. Use of EMV meal voucher cards ensures that payments are constrained to allowed merchant categories (food / restaurants), preventing misuse for non-allowed purchases. Corporate clients and financial institutions are increasingly issuing EMV-based meal voucher cards to optimize employee benefit programs. In the EMV Payment Cards Market, this type is gaining ground as companies modernize benefits with digital card programs.

• Local Payment Schemes Card: Local payment scheme cards refer to EMV payment cards issued under domestic or regional networks (for example, schemes specific to a country). These cards are often designed to work within national or regional payments infrastructure, and EMV support provides global-standard security while enabling local scheme identity. In many emerging markets, national schemes are adopting EMV for local cards to boost security and reduce fraud. The EMV Payment Cards Market Outlook shows that regional issuers are increasingly deploying EMV payment cards on domestic networks, particularly in Asia, Africa, and Latin America. 

By Application

Based on card issuer, the market can be divided into UnionPay, Visa, Master Card, Amec, JCB, Discover Card, RuPay.

• UnionPay: UnionPay is a major card scheme with a significant EMV presence, particularly in China and Asia-Pacific. UnionPay-branded EMV cards are widely issued by banks in Greater China, and many are dual-interface, supporting both contact and contactless EMV transactions. According to deployment data, a large fraction of UnionPay cards in circulation are now EMV-enabled. UnionPay’s strategy in the EMV Payment Cards Market is centered on large-scale issuance in domestic markets and international acceptance. As Chinese consumers travel more and cross-border payments rise, UnionPay’s EMV cards offer secure chip-based infrastructure. 

• Visa: Visa is one of the world’s most influential payment schemes in the EMV Payment Cards Market. Visa EMV cards are produced in high volumes by leading card manufacturers, and Visa supports dual-interface, contactless, and mobile wallet provisioning. With EMVCo data showing 96.20% of global card-present transactions using EMV chip technology, Visa’s global network is deeply integrated into EMV infrastructure. Issuers working with Visa benefit from strong global acceptance, robust fraud-detection systems, and EMV certification.

• MasterCard: Mastercard is another major scheme using EMV technology extensively. In many countries, Mastercard issues EMV chip cards across debit, credit, prepaid, and corporate segments. EMV Payment Cards Market Analysis shows Mastercard supports a broad set of card issuance projects, including dual-interface EMV cards and contactless cards, enabling issuers to deliver secure and flexible payment tools. For financial institutions and manufacturers, Mastercard’s EMV programs are strategic dual-interface EMV cards can drive both in-store EMV payments and contactless tap payments, supporting Mastercard’s global acceptance.

• Amex (American Express): American Express (Amex) also leverages EMV chip technology for its payment cards. Amex EMV cards provide security and global transaction support. Amex issuers personalize EMV cards for premium customers and often embed additional features such as travel benefits, membership rewards, and high-authentication capabilities. In the EMV Payment Cards Market, Amex’s EMV adoption supports high-value cardholder segments and merchants who accept Amex.

• JCB: JCB (Japan Credit Bureau) is a major scheme in Asia, and JCB EMV payment cards are widely used in Japan and in Asia-Pacific markets. JCB supports EMV contact and contactless cards, allowing issuers to offer chip-based payments that comply with both local and global EMV standards. Issuers in the EMV Payment Cards Market leverage JCB’s footprint to target Japanese and Asian cardholders. For EMV card manufacturers, JCB card issuance offers a specialized segment with regional nuances, such as co-branded travel cards, transit-linked EMV cards, and loyalty EMV programs, making JCB EMV cards an attractive niche.

• Discover: Discover participates in the EMV Payment Cards Market via its EMV-enabled credit and debit cards in the U.S. and partner networks. Discover EMV cards support chip-based payments, and issuers integrate EMV security to mitigate fraud risk and comply with industry standards. For B2B card issuers and manufacturers, Discover EMV card issuance adds to the scheme mix and enables targeting U.S-domiciled customers who prefer non-Visa/Mastercard options. EMV Payment Cards Market Share with Discover is less than Visa or Mastercard but remains relevant as issuers diversify their EMV product offerings.

• RuPay: RuPay is India’s domestic card scheme, and EMV adoption is central to RuPay’s payment card issuance strategy. Many RuPay cards in India are EMV-enabled both contact and dual-interface supporting domestic and cross-border payments. As government and banking programs push secure payments, the EMV Payment Cards Market in India is benefiting from RuPay EMV adoption. Card manufacturers in the EMV Payment Cards Market partner with RuPay issuers to personalize EMV chip cards for Indian consumers, linking with Government schemes (like Jan Dhan) or consumer banking. The rapid issuance of EMV RuPay cards is a key opportunity in the Indian secure payments ecosystem, aligning with RuPay’s role in financial inclusion.

Driving Factors

Fraud Reduction and Regulatory Mandates

A primary driver of EMV Payment Cards Market Growth is the significant security enhancement EMV technology offers. EMV cards generate a unique transaction cryptogram for each payment, making it difficult for fraudsters to clone cards or use intercepted data. This has led many regulators, especially in Europe and Asia, to mandate EMV compliance for card issuance, boosting adoption. As per EMVCo, about 71.98% of issued cards globally are EMV-enabled as of Q4 2024. The regulatory push is matched by strong fraud reduction. Card-present fraud has dropped dramatically in regions with mature EMV deployment. Financial institutions prefer EMV issuance to lower fraud liability, driving continuous demand for EMV Payment Cards. 

• According to the Reserve Bank of India (RBI), over 1 billion EMV chip-enabled debit and credit cards have been issued in India under the mandate to replace magnetic stripe cards for security.

• According to the Bank for International Settlements (BIS), the total volume of cashless payments worldwide crossed USD 700 billion transactions in 2021, a large share of which is powered by EMV cards.

Restraining Factors

High Production Costs and Complexity

A significant restraint on the EMV Payment Cards Market is the high cost and manufacturing complexity of EMV cards, especially dual-interface and contactless variants. Producing EMV chips, personalizing them, embedding antennas in contactless or dual-interface cards, and securing certification require significant investment from card manufacturers. This cost burden limits the ability of smaller issuers to scale EMV issuance. Moreover, certain markets still struggle to absorb the incremental cost of EMV cards for low-value or prepaid segments. In some emerging markets, issuing EMV-enabled prepaid or low-tier cards is less economically viable because profit margins are thin, and demand for secure chip cards is still growing. This constraint slows penetration in segments that could otherwise benefit from EMV technology, dampening some growth potential in the EMV Payment Cards Market.

• According to the U.S. Small Business Administration (SBA), the average cost for small retailers to upgrade to EMV-compliant terminals ranges between USD 500 and USD 1,000 per device, limiting adoption among micro businesses.

• According to Europol’s Internet Organised Crime Threat Assessment (IOCTA), card-not-present fraud accounted for over 70% of total card fraud losses in Europe in 2022, showing limitations of EMV security in online channels.

Digital Banking and Embedded Payments

Opportunity

The EMV Payment Cards Market offers a significant opportunity through digital banking and embedded payments. As neobanks and fintechs scale, they increasingly issue EMV chip cards particularly dual-interface cards to their users. This is driving new volume in card issuance. Dual-interface provides both traditional chip security and contactless convenience, matching modern digital banking features.Embedded payment use cases, such as EV charging (via EMV-based EVOP), transit, and loyalty programs, present fast-growing opportunities. EMV Payment Cards Market Insight shows that embedding EMV chips into non-traditional card environments (loyalty cards, transit cards, eco-cards) can open new revenue streams. In addition, the shift to mobile wallets and tokenization still relies on EMV-certified backing cards; as token use grows, issuers need EMV-compliant physical cards for token provisioning, amplifying EMV issuance needs.

Legacy Infrastructure and Adoption Gaps

Challenge

A major challenge in the EMV Payment Cards Market is the persistence of legacy magnetic-stripe infrastructure, especially in parts of the Middle East & Africa and in smaller merchants. While EMV adoption in terminals is high in developed markets, not all merchants globally have fully migrated. This slows full EMV utilization and can dissuade issuers from switching lower-use cards to EMV.Another challenge stems from interoperability across card schemes and regions. While EMV is a global standard, variations in implementation (e.g., contact vs contactless vs dual-interface) and scheme-specific EMV kernel versions require issuers and manufacturers to support multiple specifications, raising costs and technical complexity. Finally, consumer education remains a hurdle in some markets, where users may find EMV chip payments slower or unfamiliar compared to swiping or mobile payments. These adoption gaps hamper the EMV Payment Cards Market expansion in certain regions or segments.

• Download Free Sample to learn more about this report

•  

EMV PAYMENT CARDS MARKET REGIONAL INSIGHTS

Asia Pacific to lead the market owing to the increasing adoption of electronic payments

• North America: In North America, particularly in the United States, the EMV Payment Cards Market is well developed. EMVCo data shows that over 95% of card-present transactions in the U.S. use EMV chip technology. Card issuers (banks and fintech) are issuing large volumes of dual-interface EMV cards with reports suggesting 65% of new EMV card issuance is dual-interface. Key global EMV card vendors such as Gemalto, IDEMIA, Giesecke & Devrient, CPI Card Group, and IDEMIA serve North American issuers, highlighting mature manufacturing supply chains in this region. North America’s EMV Payment Cards Market is also driven by contactless EMV and loyalty co-branded cards. Retailers and fintech companies emphasize EMV dual-interface or contactless to deliver both security and convenience.

• Europe: Europe remains a cornerstone of the global EMV Payment Cards Market. EMV adoption in Europe is highly mature many European countries have long mandated chip-based cards, and both contact and contactless EMV cards are ubiquitous. According to custom market insights, Europe is one of the fastest-growing markets for EMV cards due to regulatory compliance and innovation in secure payments. Issuers in Europe frequently issue dual-interface EMV cards and contactless EMV cards because consumers demand seamless tap-to-pay experiences. High penetration of EMV terminals across the continent ensures that EMV payments are widely accepted. European banks, fintechs, and card manufacturers (e.g., IDEMIA, G&D, Gemalto) continue to invest in EMV specification enhancements (such as remote EMV and EMV Secure Remote Commerce) to stay competitive. These dynamics give Europe sustained leadership in the EMV Payment Cards Market Outlook, both in technological maturity and innovation.

• Asia-Pacific: Asia-Pacific commands a dominant position in the EMV Payment Cards Market due to sheer volume. According to regional intelligence, Asia-Pacific accounted for over 45% of total market share in 2024. EMV card issuance in APAC is massive reports cite 9.28 billion EMV cards in circulation in 2024 in Asia-Pacific. This region’s growth is driven by large population markets (China, India, Southeast Asia), strong fintech adoption, and government-driven financial inclusion initiatives. National schemes like RuPay (India) are issuing EMV cards at scale. Large local manufacturers (e.g., Goldpac, Tianyu) serve the EMV Payment Cards Market in APAC, benefiting from local demand and production scale. The region also sees rapid adoption of contactless, dual-interface EMV cards, especially in mobile-first economies. For B2B players, Asia-Pacific offers huge issuance volume and innovation potential, especially for cost-effective EMV cards and smart, multi-interface designs.

• Middle East & Africa: The Middle East & Africa (MEA) region is in a phase of active EMV migration. Although EMV penetration lags developed markets, government initiatives, banking reforms, and fintech growth are accelerating EMV card issuance. According to regional dynamics data, MEA is witnessing increasing EMV adoption, driven by financial modernization and digital banking. In the MEA EMV Payment Cards Market, key growth comes from dual-interface and contactless EMV issuance in urban banking hubs (GCC countries), as well as pilot programs in transit and government payments. Local issuers are collaborating with global EMV card manufacturers (such as IDEMIA, G&D) to deploy EMV chip cards for mass consumer and corporate use. Challenges remain cost sensitivity, infrastructure gaps, and legacy systems slow full penetration. But as digital payments grow and local payment ecosystems strengthen, MEA offers increasing opportunities for EMV card deployment.

KEY INDUSTRY PLAYERS

Key players are employing advanced technologies in order to stimulate further growth of the market.  

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

• Gemalto (a Thales company): According to company data, Gemalto has supplied over 2 billion EMV cards globally and serves banks and governments in 180+ countries.

• IDEMIA: According to IDEMIA’s official reports, the company issues over 600 million payment cards annually and works with 2,300+ financial institutions worldwide.

List of Top EMV Payment Cards Companies

• Gemalto
• IDEMIA
• Giesecke & Devrient
• Perfect Plastic Printing
• ABCorp
• CPI Card
• Tianyu
• Goldpac
• Hengbao
• Watchdata Technologies
• Valid
• Kona I
• Eastcompeace

Top Two Companies by Market Share

• CPI Card Group: holds about 18% of the global smart / EMV card market, according to competitive landscape data.
• Giesecke & Devrient (G&D): among the top-tier EMV card manufacturers, with a significant share in both EMV card issuance and personalization capacity globally.

INVESTMENT ANALYSIS AND OPPORTUNITIES

The EMV Payment Cards Market offers multiple investment opportunities for issuers, manufacturers, and financiers. First, the dual-interface segment stands out: with a 2024 market valuation of ~US$ 21.5 billion for dual-interface payment cards and strong projected growth, investing in personalization capacity, secure chip production, and testing infrastructure is highly attractive. Financial institutions issuing EMV dual-interface cards can meet consumer demand for both contact and contactless payments.

Second, Asia-Pacific issuance capacity is a prime opportunity. Since APAC accounts for over 45% of global EMV card share and has billions of EMV cards in circulation, investors can back local EMV chip card manufacturers, personalization bureaus, and scheme acquirers. As digital banking accelerates in emerging markets, EMV issuance volume will continue to scale, making production investments lucrative.

Third, embedded payment use cases like EV charging (via EMVCo’s EVOP initiative), transit, loyalty, and IoT represent a rapidly growing frontier. Embedding EMV chips in non-traditional card form factors (e.g., transit cards, EV charging RFID) opens up new B2B markets. Issuers and manufacturers who innovate in this space will benefit from first-mover advantages.

Finally, sustainability and premium cards provide differentiated offerings. Issuers are increasingly issuing eco-friendly EMV cards made of recycled plastic or biodegradable materials. Premium EMV cards (metal, personalized) also attract affluent segments. Investors can fund R&D or production lines for green EMV cards, positioning themselves in a niche yet growing subsection of the EMV Payment Cards Market.

NEW PRODUCT DEVELOPMENT

New product development in the EMV Payment Cards Market is intensifying, particularly around dual-interface EMV cards that support both contact and contactless payment. Card issuers and manufacturers are rolling out dual-interface cards that comply with EMV specifications, enabling secure chip-based payments and fast tap transactions. These cards are increasingly being issued by banks and fintechs targeting high-use consumer and corporate segments.

Another innovation track is in eco-friendly EMV cards. Some card manufacturers are introducing EMV payment cards made from recycled PVC, bio-based plastics, or other sustainable materials. This aligns with corporate ESG goals and provides a differentiation factor in the EMV Payment Cards Market. Sustainable EMV cards are being marketed for premium customer segments as well as corporate clients seeking greener payment solutions.

Biometric EMV cards are also emerging. Integrating fingerprint or other biometric sensors onto EMV payment cards provides an extra layer of security. This development addresses rising demand for highly secure payments, particularly in corporate, premium, and high-risk segments. Issuers and manufacturers collaborating on biometric EMV products can lead in the next-generation secure card market.

On the specification front, EMVCo’s efforts to expand EMV into EV payments via EVOP and advanced remote payments are driving product roadmaps. Card issuers are prototyping EMV cards designed for EV charging and other embedded payments, harnessing EMV’s strong cryptography for new verticals. Additionally, personalization bureaus are developing customized EMV cards (brand-themed, loyalty-linked, or limited-edition) to increase customer engagement and tailor products.

FIVE RECENT DEVELOPMENTS (2023–2025)

• EMVCo launched its EVOP (Electric Vehicle Open Payment) initiative in 2024, expanding EMV specifications into EV charging payments, enabling chip-based EMV cards for EV infrastructure.
• Dual-interface opportunity expanded, with reports in April 2025 estimating the global dual-interface payment card market at US$21.5 billion in 2024, providing a major issuance catalyst.
• EMV global circulation reached 13.7 billion chip cards by December 2023, as per EMVCo’s 2024 annual report.
• Contactless EMV adoption surged, with an outlook report in 2025 projecting contactless EMV issuance to dominate EMV card issuance through 2030.
• Asia-Pacific remains the largest EMV card-issuance region, where in 2024 approximately 9.28 billion EMV cards were reported in use in APAC, per market intelligence.

REPORT COVERAGE OF EMV PAYMENT CARDS MARKET

This EMV Payment Cards Market Report (or Analysis) provides a comprehensive industry report covering global EMV card deployment, technological trends, regional dynamics, and competitive landscape. The report includes historical data (2019–2024) and a forward-looking forecast window (2025–2034 or 2033, depending on source).

In the technology and type segmentation, the report examines various EMV card types fuel cards, retail store cards, meal voucher cards, and local payment scheme cards. It also analyzes application by payment scheme (UnionPay, Visa, Mastercard, Amex, JCB, Discover, RuPay), providing detailed insights into how card networks leverage EMV adoption to enhance security and service offerings.

On the regional front, the report breaks down the EMV Payment Cards Market by region North America, Europe, Asia-Pacific, and Middle East & Africa. For each region, it details card issuance volumes, penetration rates, scheme contributions, and regional market share. The report also highlights growth drivers, adoption barriers, and infrastructure dynamics specific to each geography, such as fleet fuel usage in North America, dual-interface prevalence in Europe, and mass issuance in APAC.

The competitive landscape section profiles major EMV card manufacturers Gemalto, IDEMIA, Giesecke & Devrient, Perfect Plastic Printing, ABCorp, CPI Card Group, Tianyu, Goldpac, Hengbao, Watchdata, Valid, Kona I, and Eastcompeace. For each, the report analyzes their manufacturing footprint, EMV personalization capacity, product lines (e.g., dual-interface, biometric), and strategic initiatives in the EMV Payment Cards Market.

Finally, the market dynamics chapter explores growth drivers (fraud reduction, contactless demand), restraints (cost, legacy infrastructure), opportunities (digital banking, EV payments), and challenges (scheme fragmentation, education gaps). It also includes investment analysis, pointing to high-opportunity segments like dual-interface and sustainable EMV cards, and product innovation coverage, detailing new developments in biometric cards, green materials, and embedded EMV use cases. This EMV Payment Cards Market Research Report is designed for B2B stakeholders card issuers, payment networks, personalization bureaus, fintechs, and investors looking for actionable insights and strategic direction in the global EMV Payment Cards Market.