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 Card Issuer (Union pay, Visa, Master Card, Amec, JCB, Discover Card, Rupay), Regional Insights and Forecast To 2032

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EMV Payment Cards Market Report Overview

global EMV payment cards market size was USD 6886.67 billion in 2023 and market is projected to touch USD 7377.17 billion by 2032 at CAGR 3.5% during the forecast period.

EMV stands for Europay, Mastercard, and Visa, and refers to a global standard for credit and debit cards equipped with microprocessor chips. These chips generate unique transaction data for every purchase, making it much more difficult for fraudsters to clone cards or use stolen card information. These cards typically require a chip-and-PIN or chip-and-signature authentication, in addition to the traditional magnetic stripe, to complete transactions.

EMV payment cards have become the standard for secure card transactions globally, particularly in face-to-face transactions at brick-and-mortar stores. The chip in the card generates dynamic data for each transaction, adding an extra layer of security compared to the static magnetic stripe on traditional cards. This makes it much harder for fraudsters to use stolen card information for fraudulent purchases, as the chip data cannot be easily replicated. Additionally, the chip-and-PIN or chip-and-signature authentication methods used for EMV transactions provide additional protection against unauthorized use. The widespread adoption of EMV technology has led to a significant reduction in card fraud in many countries.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a positive impact on the market, accelerating the adoption of contactless payment capabilities. The shift towards a more digital-first and contactless economy has driven consumers to look for fast, secure, and convenient payment methods that minimize physical contact. Theirs with contactless capabilities have risen to the challenge, providing a solution that meets these needs and more. The increased demand for contactless payments has led to a corresponding increase in the number of transactions using them, driving growth in the market. This trend is expected to continue as consumers adopt a more digital lifestyle, even as lockdowns and stay-at-home orders are lifted. In addition, the pandemic has also led to an increased awareness of the need for secure and convenient payment methods, and the benefits of using such cards with contactless capabilities. This has further boosted the market, as consumers become more confident in using these cards for their daily transactions.

Latest Trends

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

The integration of additional functions into these cards, known as multi-functional cards, is a growing trend in the market. This involves combining the functionality of several cards into a single card, offering consumers a more streamlined and convenient experience. One popular example of a multi-functional card is the transit card, which combines the functionality of a transit card, such as a bus or train card, with that of a payment card. This allows consumers to carry a single card for multiple purposes, reducing the need to carry multiple cards and simplifying the payment process. Another example is the integration of identity functions, such as driver's licenses or passports, into payment cards. This allows for a more secure and convenient form of identification and reduces the need to carry multiple forms of identification. Multi-functional cards are also increasingly being integrated with mobile wallets, allowing consumers to access their card information and make transactions directly from their mobile devices. This is further boosting the convenience and flexibility of these cards. The integration of multiple functions into EMV payment cards is a growing trend that is simplifying the payment process and providing consumers with a more convenient and secure experience.

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.

• By Application

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

Driving Factors

"Increase in card security to foster the market growth"

The implementation of EMV technology has been a major factor in driving the growth of the market. These cards use advanced security features, such as chip technology and dynamic authentication, to reduce the risk of fraud. The security of these cards has made them increasingly popular with both consumers and merchants. Biometric authentication, such as fingerprint recognition, is also becoming increasingly popular as a security measure for these services. The increasing security is expected to drive the EMV payment cards market growth.

"Growing demand for mobile payments to result in the expansion of the market"

The expansion of mobile payments refers to the growing use of mobile devices, such as smartphones and tablets, as a means of making payments. With the integration of EMV payment cards with mobile wallets, consumers are now able to access their card information and make transactions directly from their mobile devices. This integration has made mobile payments more convenient and accessible, allowing consumers to carry their payment cards with them wherever they go. Mobile payments have also become faster and more secure, with the use of advanced security measures such as tokenization and biometric authentication. The rise of mobile payments is also driving the growth of the e-commerce industry, as consumers are now able to make purchases directly from their mobile devices. This has made shopping more convenient and has allowed retailers to reach a wider audience. Overall, the expansion of mobile payments is driving growth in the market, as these cards are becoming increasingly integrated with mobile wallets and mobile payment systems leading to the expansion of the EMV payment cards market share. This integration is providing consumers with a more convenient and secure way to access their payment information and make transactions.

Restraining Factors

"Slow adoption in developing markets to hamper the market growth"

A major factor that may impede the growth of the market is despite widespread adoption in developed markets, the adoption of EMV payment cards in developing markets has been slow. This is due to a variety of factors, including a lack of infrastructure, limited consumer awareness, and a lack of government support. In many developing countries, the financial infrastructure is not well-developed and there is a lack of infrastructure to support the deployment of new payment technologies. In addition, consumers in these markets may be less familiar with new payment technologies, and may not fully understand the benefits of these cards.

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EMV Payment Cards Market Regional Insights

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

Asia-Pacific region is expected to show the highest market growth, due to the increasing adoption of electronic payments and the rising demand for more secure payment methods. Factors such as the growth of e-commerce, the expansion of mobile payments, and the increasing adoption of contactless payments are driving the growth of the market in the Asia-Pacific region. In addition, governments in the region are implementing regulations to encourage the use of these cards, which is further driving their adoption.  

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.

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

Report Coverage

This report examines an understanding of the EMV payment cards market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.