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Contactless payment cards 'will reach one billion shipments by 2016'
29 Jul 2011

Individuals wondering about the benefits of contactless payment smart cards could be interested in a recent prediction about the technology.

According to ABI Research, international shipments of the device could reach one billion by the end of 2016, up from just 170 million in 2010.

The global operations company also forecast Europay, MasterCard and Visa (EMV) and non-EMV payment cards to reach the same figure by the end of this year.

In addition, the popularity of smart cards is set to take over that of more traditional payment methods, particularly in developing countries.

Phil Sealy, Research Analyst for autoID and smart cards, said: "As countries become developed, the demand for banking services increases. For the banks, the primary reason for EMV migration is that EMV provides a higher level of security over mag-stripe cards."

The predictions come after US company VITA announced the introduction of a VITAband, which offers contactless payment technology and stores medical information.